Terms from Production and Growth
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each of the black spaces below before clicking
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| Is coal a produced factor of production? | No. Coal is a natural resource, and natural resources are not classified as produced factors of production.
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| 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
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| 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
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| A country’s standard of living depends on its ability to produce goods and services. a. True b. False | True
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| 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
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| An increase in the saving rate permanently increases the growth rate of real GDP per person. a. True b. False | False
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| 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
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| Petroleum is an example of a nonrenewable resource. a. True b. False | True
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| A forest is an example of a nonrenewable resource. a. True b. False | False
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| 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
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| 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
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| Productivity can be computed as the number of hours worked divided by output. a. True b. False | False
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| 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
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| Although growth rates across countries vary some, rankings of countries by income remain pretty much the same over time. a. True b. False | False
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| 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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