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Macroeconomics 5th Edition Williamson Test Bank instant download all chapter
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Macroeconomics, 5e (Williamson)
Chapter 7 Economic Growth: Malthus and Solow
1) If changes in economic policy could cause the growth rate of real GDP to increase by 1% per
year for 100 years, then GDP would be ________ % higher after 100 years than it would have
been otherwise.
A) 1.3
B) 2.0
C) 2.7
D) 3.8
Answer: C
Question Status: Previous Edition
2) On average, for the last 100 years or more, real GDP per capita in the United States has
increased by
A) 0.5% per year.
B) 1% per year.
C) 2% per year.
D) 4% per year.
Answer: C
Question Status: Revised
1
Copyright © 2014 Pearson Education, Inc.
5) The idea that an improvement in technology causes an increase in population but causes no
increase in the average standard of living is attributed to
A) Adam Smith.
B) Thomas Malthus.
C) Robert Solow.
D) Milton Friedman.
Answer: B
Question Status: Previous Edition
7) The Malthusian model performs poorly in explaining economic growth after the
A) French Revolution.
B) American Revolution.
C) Industrial Revolution.
D) Bio-technology Revolution.
Answer: C
Question Status: Previous Edition
8) The Solow model emphasizes the role of which of the following factors of production?
A) land
B) labor
C) capital
D) natural resources
Answer: C
Question Status: Previous Edition
2
Copyright © 2014 Pearson Education, Inc.
10) Recent evidence suggests that output per worker is
A) positively related to both the rate of investment and to the rate of population growth.
B) positively related to the rate of investment and negatively related to the rate of population
growth.
C) negatively related to the rate of investment and positively related to the rate of population
growth.
D) negatively related to both the rate of investment and to the rate of population growth.
Answer: B
Question Status: Previous Edition
14) The Malthusian model emphasizes fixity in which of the following factors of production?
A) labor
B) land
C) energy
D) none of the above
Answer: B
Question Status: Previous Edition
3
Copyright © 2014 Pearson Education, Inc.
15) In the Malthusian model of economic growth, an increase in the quantity of land
A) increases steady state per capita consumption, and increases the steady state population.
B) has no effect on steady state per capita consumption or on steady state population.
C) has no effect on steady state per capita consumption, and increases the steady state
population.
D) increases per capita consumption, and reduces the steady state population.
Answer: C
Question Status: New
18) We can use a per-worker production function in the Malthusian model because
A) there is a representative worker.
B) firms are competitive.
C) there is a steady state.
D) the production function has constant returns to scale.
Answer: D
Question Status: Previous Edition
19) In the Malthusian model, an improvement in the technology of growing food is likely to
A) increase the equilibrium size of the population and increase the equilibrium level of
consumption per worker.
B) increase the equilibrium size of the population and decrease the equilibrium level of
consumption per worker.
C) increase the equilibrium size of the population and have no effect on the equilibrium level of
consumption per worker.
D) have no effect on the equilibrium size of the population and increase the equilibrium level of
consumption per worker.
Answer: C
Question Status: Previous Edition
4
Copyright © 2014 Pearson Education, Inc.
20) The Malthusian model predicts that
A) population will keep increasing.
B) the standard of living will keep increasing.
C) health improvements increase the standard of living.
D) population control improves the standard of living.
Answer: D
Question Status: Previous Edition
22) In a Malthusian world, what would improve the standard of living permanently?
A) a war
B) a new medical drug
C) birth control
D) democracy
Answer: C
Question Status: Previous Edition
23) In a Malthusian world, what would improve the standard of living temporarily?
A) a war
B) a new virus
C) birth control
D) democracy
Answer: A
Question Status: Previous Edition
24) In the Malthusian model, state-mandated population control policies are likely to
A) decrease the equilibrium size of the population and increase the equilibrium level of
consumption per worker.
B) decrease the equilibrium size of the population and have no effect on the equilibrium level of
consumption per worker.
C) have no effect on the equilibrium size of the population and increase the equilibrium level of
consumption per worker.
D) have no effect on either the equilibrium size of the population or the equilibrium level of
consumption per worker.
Answer: A
Question Status: Previous Edition
5
Copyright © 2014 Pearson Education, Inc.
25) In the Malthusian model, improvements in health care lead to
A) higher population and higher per-capita production.
B) higher population and lower per-capita production.
C) lower population and higher per-capita production.
D) lower population and lower per-capita production.
Answer: B
Question Status: Previous Edition
28) In a Malthusian world, what event would improve temporarily the standard of living, as
measured by output per capita?
A) a peace keeping mission
B) an increase in violent crime
C) a new mutation of germs
D) a new sewer system
Answer: B
Question Status: Revised
29) In a Malthusian world, what events would improve permanently the standard of living, as
measured by output per capita?
A) a peace keeping mission
B) an increase in violent crime
C) a new mutation of germs
D) a new sewer system
Answer: C
Question Status: Previous Edition
6
Copyright © 2014 Pearson Education, Inc.
30) In more modern times as opposed to the times of Malthus, higher standards of living appear
to
A) decrease death rates and increase birth rates.
B) decrease death rates and also decrease birth rates.
C) decrease death rates and have no effect on birth rates.
D) have had effects on neither death rates nor birth rates.
Answer: B
Question Status: Previous Edition
31) Malthus was too pessimistic because he did not foresee the effects of
A) ever increasing amounts of land for cultivation.
B) increases in the capital stock and the effects of such increases on production.
C) improved nutrition and health care.
D) improved family planning practices.
Answer: B
Question Status: Previous Edition
32) The Solow residual attempts to measure the amount of output not explained by
A) technological progress.
B) the direct contribution of labor and capital.
C) economic projections.
D) the amount of a nation's human capital.
Answer: B
Question Status: Previous Edition
33) Growth accounting, popularized by Robert Solow, attempts to attribute a change in aggregate
output
A) to its most important single cause.
B) separately between changes in government policy and changes in total factor productivity.
C) separately between changes in total factor productivity and changes in the supplies of factors
of production.
D) separately between changes in the supplies of factors of production and changes in
government policy.
Answer: C
Question Status: Previous Edition
7
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34) For the production function, Y = zK0.36N0.64, if measured output is , measured capital
input is , and measured labor input is , then the Solow residual would be equal to
A) .
B) × .
C) × .
D) .
Answer: D
Question Status: Previous Edition
40) One plausible explanation of the U.S. productivity slowdown starting in 1973 is that it was a
result of the increase in the relative price of energy. This explanation would require that, in light
of higher energy costs, the
A) capital stock is overestimated.
B) capital stock is underestimated.
C) labor force is overestimated.
D) labor force is underestimated.
Answer: A
Question Status: Previous Edition
42) One plausible explanation of the U.S. productivity slowdown starting in 1973 is that it was
the result of the time needed to adapt to new technology. This explanation would require that
A) workers withdraw from the labor force to learn about the new technology.
B) a large number of new entrants be attracted to the labor force.
C) managers be reluctant to adopt changes.
D) workers time at their jobs be diverted from production to learning the technology.
Answer: D
Question Status: Previous Edition
43) The biggest contribution to real U.S. GDP growth in the 1970s was due to growth in
A) total factor productivity.
B) the capital stock.
C) the labor force.
D) both the capital stock and the labor force.
Answer: D
Question Status: Previous Edition
9
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44) The per-worker production function relates output per worker
A) to capital per worker.
B) to the participation rate.
C) to production per worker.
D) in different countries.
Answer: A
Question Status: Previous Edition
45) We can express the per-worker production function as a function of only per-worker capital
thanks to
A) the decreasing marginal return of capital.
B) the decreasing marginal return of labor.
C) the constant returns to scale.
D) the impatience of households.
Answer: C
Question Status: Previous Edition
46) The slope of the output per worker function is equal to the
A) marginal product of capital.
B) marginal product of labor.
C) savings rate.
D) growth rate of the population.
Answer: A
Question Status: Previous Edition
47) In the Solow growth model, the law of motion of capital takes into account
A) the residential nature of houses.
B) the mobility of capital.
C) the depreciation of old capital.
D) the cost of shipping and installing capital.
Answer: C
Question Status: Previous Edition
10
Copyright © 2014 Pearson Education, Inc.
49) In Solow's model of economic growth, suppose that s represents the savings rate, z represents
total factor productivity, k represents the level of capital per worker, and f(k) represents the per-
worker production function. Also suppose that n represents the population growth rate and d
represents the depreciation rate of capital. The equilibrium level of capital per worker, k*, will
satisfy the equation
A) szf(k*) = (n + d)k*.
B) szk* = (n + d)f(k*).
C) nf(k*) = .
D) f(k*) = k*.
Answer: A
Question Status: Previous Edition
51) The saving rate has the following characteristic in Solow's exogenous growth model
A) it increases with output.
B) it first decreases, then increases with output.
C) it first increases, then decreases with output.
D) it is constant.
Answer: D
Question Status: Previous Edition
52) In Solow's exogenous growth model, the principal obstacle to continuous growth in output
per capita is due to
A) the declining marginal product of labor.
B) the declining marginal product of capital.
C) limits in the ability of government policymakers.
D) too little savings.
Answer: B
Question Status: Previous Edition
11
Copyright © 2014 Pearson Education, Inc.
54) Which of the following, if implemented in the Solow growth model, would not lead to a
steady state?
A) A higher population growth rate.
B) Decreasing returns to scale in production.
C) A savings rate that decreases as income increases.
D) A constant marginal product of capital.
Answer: D
Question Status: Previous Edition
55) Which of the following, if implemented in the Solow growth model, would not lead to a
steady state?
A) A higher savings rate.
B) A higher depreciation rate.
C) A savings rate that increases as income increases.
D) A population growth rate that increases as income increases.
Answer: C
Question Status: Previous Edition
56) In Solow's exogenous growth model, the economy reaches a stable steady state because
A) the marginal return of capital is decreasing.
B) capital is growing at a constant rate.
C) the substitution effect is stronger than the income effect.
D) conditional convergence holds.
Answer: A
Question Status: Previous Edition
57) In the steady state of Solow's exogenous growth model, an increase in the savings rate
A) increases output per worker and increases capital per worker.
B) increases output per worker and decreases capital per worker.
C) decreases output per worker and increases capital per worker.
D) decreases output per worker and decreases capital per worker.
Answer: A
Question Status: Previous Edition
58) Which of the following is not a feature of the steady state in Solow's exogenous growth
model?
A) The capital/output ratio is steady.
B) Capital grows continuously.
C) Consumption per worker is steady.
D) Total saving is steady.
Answer: D
Question Status: Previous Edition
12
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59) In Solow's exogenous growth model, the steady-state growth rate of capital can be increased
by
A) higher population growth.
B) higher depreciation rate.
C) higher saving rate.
D) higher interest rate.
Answer: A
Question Status: Previous Edition
60) The Golden Rule of capital accumulation maximizes the steady-state level of
A) output per worker.
B) capital per worker.
C) consumption per worker.
D) investment per worker.
Answer: C
Question Status: Previous Edition
61) In the Golden Rule steady state, the marginal product of capital is equal to the
A) savings rate plus the population growth rate.
B) population growth rate plus the depreciation rate.
C) depreciation rate plus the savings rate.
D) savings rate divided by the marginal product of labor.
Answer: B
Question Status: Previous Edition
62) In the steady state of Solow's exogenous growth model, an increase in the growth rate of
labor force
A) increases output per worker and increases capital per worker.
B) increases output per worker and decreases capital per worker.
C) decreases output per worker and increases capital per worker.
D) decreases output per worker and decreases capital per worker.
Answer: D
Question Status: Previous Edition
63) In the steady state of Solow's exogenous growth model, an increase in total factor
productivity
A) increases output per worker and increases capital per worker.
B) increases output per worker and decreases capital per worker.
C) decreases output per worker and increases capital per worker.
D) decreases output per worker and decreases capital per worker.
Answer: A
Question Status: Previous Edition
13
Copyright © 2014 Pearson Education, Inc.
64) With an increase in total factor productivity in the Solow growth model,
A) output decreases temporarily and returns to the previous steady state.
B) output increases temporarily and returns to the previous steady state.
C) the economy reaches a steady state with higher output.
D) the economy reaches a steady state with lower output.
Answer: C
Question Status: Previous Edition
14
Copyright © 2014 Pearson Education, Inc.
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of Captain
Mary Miller
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Language: English
BY
HARRIET H. ROBINSON.
“But, if you ask me what offices women may fill, I reply—any. I do not care what case you
put; let them be sea-captains if you will.”—MARGARET FULLER (in 1844).
BOSTON:
CHARACTERS:
FOOTNOTES:
[1] This part may be changed to that of a girl, named
Phusephony (Persephone) Herodias.
ACT I.
(Exit r.)
Will. (taking Mary by both hands). Be all ready, now Mary, when I
come back? If I can, I’ll come on so as to stay a day or two before
we’re married. But I’ll be here in season, any way. You fix the day,
and let me know. And write often (whispers), dear Mary, won’t you?
Mary. Yes, William.
Will. Good-by!
Mary. Good-by! (Exit William, l.)
J. Q. A. Good-by! Good-by! Smack, smack!
Disposition of characters at end of Act I. Mrs. G. sitting at table
braiding mat. Mary standing at left, with her hands clasped before
her, looking down. J. Q. A. and L. J. in centre, bickering.
ACT II.
(Rises.)
There! he’s asleep at last. He keeps awake just as long as he can,
I do believe. (Takes a book from the shelf.) I don’t know what I
should do this stormy weather, I am sure, if it weren’t for these
books. Away up here, on this river, where we don’t get a newspaper
but once in two weeks! (Turns over the books.) I am tired of “Baxter’s
Saint’s Rest,” and I know “Alonzo and Melissa” by heart. I suppose I
ought to read my Bible more, but here’s this book on navigation.
(Reads.) “Thoms’ Navigator,” by Janet Thorms, a Yankee
schoolmarm, they say, up near Boston. It seems fresh all the time. I
like to study it, too, when I am rocking the cradle. (Sits and reads.)
Somehow, it seems to come natural to me to know all about a boat,
and I love any kind of a one. How they skip round the bend of the
river, and over the sea, at home! I wonder why they call a vessel
she! Father says they ought to call steamboats he, because they
smoke so. Dear father! how I should like to see him, and hear him
sing!
(Enter Phus, r.)
Phus (in a loud voice). Mis’, de cap’n say—