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Questions and Answers
Which of the following is an example of a natural resource?
Which of the following is an example of a natural resource?
- Human capital
- Mineral deposits (correct)
- Physical capital
- Technological knowledge
An increase in which of the following would lead to an increase in productivity?
An increase in which of the following would lead to an increase in productivity?
- Natural resources per worker (correct)
- Human capital per worker
- Technological knowledge per worker
- All of the above
What is an effect of an advance in technological knowledge?
What is an effect of an advance in technological knowledge?
- A decrease in productivity
- An increase in productivity (correct)
- No effect on productivity
- Depends on the type of knowledge
Which of the following types of technological knowledge is known only by the company that discovers it?
Which of the following types of technological knowledge is known only by the company that discovers it?
What is a factor that determines how productive a country is?
What is a factor that determines how productive a country is?
What is an example of institutional factors that affect productivity?
What is an example of institutional factors that affect productivity?
Which factor is responsible for the rise in living standards over the long run?
Which factor is responsible for the rise in living standards over the long run?
What is a key characteristic of knowledge that makes it a public good?
What is a key characteristic of knowledge that makes it a public good?
Which of the following policies is designed to promote technological progress?
Which of the following policies is designed to promote technological progress?
What is the primary reason that countries with outward-oriented policies have succeeded?
What is the primary reason that countries with outward-oriented policies have succeeded?
What is the expected outcome of future innovations worldwide, according to the text?
What is the expected outcome of future innovations worldwide, according to the text?
What is the primary role of 'A' in the production function Y = A × F(L, K, H, N)?
What is the primary role of 'A' in the production function Y = A × F(L, K, H, N)?
What is the primary role of patent laws in promoting technological progress?
What is the primary role of patent laws in promoting technological progress?
What would be the result of doubling all inputs in a production function with constant returns to scale?
What would be the result of doubling all inputs in a production function with constant returns to scale?
What is an implication of constant returns to scale in a production function?
What is an implication of constant returns to scale in a production function?
What is the purpose of the function F( ) in the production function Y = A × F(L, K, H, N)?
What is the purpose of the function F( ) in the production function Y = A × F(L, K, H, N)?
Which of the following is NOT a variable in the production function Y = A × F(L, K, H, N)?
Which of the following is NOT a variable in the production function Y = A × F(L, K, H, N)?
What would be the result of a 10% increase in all inputs in a production function with constant returns to scale?
What would be the result of a 10% increase in all inputs in a production function with constant returns to scale?
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