Xenonia has a larger supply of labor than does Inventia. If the labor supply in both countries increases by the same amount while their physical capital stocks remain unchanged, ________.the increase in Xenonia's output will be more than the increase in Inventia's outputthe increase in Inventia's output will be more than the increase in Xenonia's outputXenonia's income per capita will increase, while Inventia's income per capita will decreaseXenonia's income per capita will decrease, while Inventia's income per capita will increase Exponential growth implies that ________.growth rates can only be positivegrowth rates will alternate between positive and negative values in every consecutive time periodrelatively large differences in growth rates will translate into small differences in the level of a quantity after many years of growingrelatively small differences in growth rates will translate into large differences in the level of a quantity after many years of growing Consider a closed economy without a government. If the GDP of the economy is $63,000 and the consumption in the economy is $45,000, the saving rate in the economy is ________.86 percent24 percent57 percent75 percent Which of the following is true of the growth in the U.S. economy from 1950 to 2007?Growth resulting from technology > growth resulting from human capital > growth resulting from physical capitalGrowth resulting from technology > growth resulting from physical capital > growth resulting from human capitalGrowth resulting from physical capital > growth resulting from technology > growth resulting from human capitalGrowth resulting from human capital > growth resulting from technology > growth resulting from physical capital Certain countries remain backward because they nurture superstition and are suspicious of new technology. This argument is based on the ________.culture hypothesisgeography hypothesiscapital hypothesislocation hypothesis Which of the following statements is true?All market economies have inclusive institutions.Inclusive institutions privilege a few at the expense of many.Countries with extractive institutions encourage entrepreneurship and private ownership of property.The economic institutions of a country are interlinked with the political institutions in that country. If the opportunity cost of entrepreneurship increases, the ________.aggregate output of the economy will decreaseprice level in the economy will fallnumber of entrepreneurs in the economy will increaseaggregate demand in the economy will increase

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Xenonia has a larger supply of labor than does Inventia. If the labor supply in both countries increases by the same amount while their physical capital stocks remain unchanged, ________.

the increase in Xenonia's output will be more than the increase in Inventia's output
the increase in Inventia's output will be more than the increase in Xenonia's output
Xenonia's income per capita will increase, while Inventia's income per capita will decrease
Xenonia's income per capita will decrease, while Inventia's income per capita will increase

Exponential growth implies that ________.

growth rates can only be positive
growth rates will alternate between positive and negative values in every consecutive time period
relatively large differences in growth rates will translate into small differences in the level of a quantity after many years of growing
relatively small differences in growth rates will translate into large differences in the level of a quantity after many years of growing

Consider a closed economy without a government. If the GDP of the economy is $63,000 and the consumption in the economy is $45,000, the saving rate in the economy is ________.

86 percent
24 percent
57 percent
75 percent

Which of the following is true of the growth in the U.S. economy from 1950 to 2007?

Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital
Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital
Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital
Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital

Certain countries remain backward because they nurture superstition and are suspicious of new technology. This argument is based on the ________.

culture hypothesis
geography hypothesis
capital hypothesis
location hypothesis

Which of the following statements is true?

All market economies have inclusive institutions.
Inclusive institutions privilege a few at the expense of many.
Countries with extractive institutions encourage entrepreneurship and private ownership of property.
The economic institutions of a country are interlinked with the political institutions in that country.

If the opportunity cost of entrepreneurship increases, the ________.

aggregate output of the economy will decrease
price level in the economy will fall
number of entrepreneurs in the economy will increase
aggregate demand in the economy will increase

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