Chapter 25 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| 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 |
Created by:
1504500669606173
Popular Standardized Tests sets