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Multiple Choice Quiz
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1
Which of the following is the term we use to describe the expansion of a country's potential GDP?
A)economic growth
B)technological change
C)productivity growth
D)total factor productivity
2
Economic growth can be shown as an _______ shift in the country's production possibilities frontier.
A)inward
B)outward
C)leftward
D)rightward
3
Which of the following is not a factor or "wheel" of economic growth?
A)natural resources
B)capital formation
C)technology
D)money
4
Which of the following is the term used to describe the ratio of output to a weighted average of inputs?
A)economic growth
B)technological change
C)productivity
D)none of the above
5
Which of the following refers to changes in the processes of production or the introduction of new products or services?
A)economic growth
B)technological change
C)productivity growth
D)total factor productivity
6
The neoclassical model of economic growth:
A)was originally conceived of by Robert Solow.
B)assumes that there is a single homogenous good produced by capital and labor.
C)both a and b.
D)neither a nor b.
7
What do we call the situation where capital grows faster than the labor force?
A)economic growth
B)technological change
C)productivity growth
D)capital deepening
8
In the neoclassical growth model, the economy will eventually reach a steady state where:
A)capital deepening will stop.
B)real wages stop growing.
C)real interest rates stop growing.
D)all of the above.
9
Which of the following is the growth of output less the growth of the weighted sum of all inputs?
A)economic growth
B)technological change
C)productivity growth
D)total factor productivity
10
Productivity growth in the United States,
A)increased during the 1970s but fell dramatically in the 1990s.
B)has been falling since the 1970s.
C)fell in the 1970s, but has been making an upturn since the late 1990s.
D)none of the above.







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