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Chapter 25

Terms from Production and Growth

Is coal a produced factor of production? No. Coal is a natural resource, and natural resources are not classified as produced factors of production.
Is physical capital a produced factor of production? Is human capital a produced factor of production? Both physical and human capital are factors of production
Susan and Calvin paint houses. Susan consistently paints about 400 square feet of a house’s exterior per hour, while Calvin consistently paints about 300 square feet per hour. Susan’s exceeds that of Calvin. Productivity
A country’s standard of living depends on its ability to produce goods and services. a. True b. False True
Other things the same, another unit of capital will increase output by more in a poor country than in a rich country. a. True b. False True
An increase in the saving rate permanently increases the growth rate of real GDP per person. a. True b. False False
As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker. a. True b. False False
Petroleum is an example of a nonrenewable resource. a. True b. False True
A forest is an example of a nonrenewable resource. a. True b. False False
Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience. a. True b. False True
If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B. a. True b. False False
Productivity can be computed as the number of hours worked divided by output. a. True b. False False
If a country has a higher level of productivity than another, then it also has a higher level of real GDP. a. True b. False False
Although growth rates across countries vary some, rankings of countries by income remain pretty much the same over time. a. True b. False False
Both the standard of living and the growth of real GDP per person vary widely across countries. a. True b. False True
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