ECO 372T Wk 2 - Practice: Knowledge Check

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ECO 372T Wk 2 - Practice: Knowledge Check

YearQuantity of Labor   Productivity of Labor

1     2,000      $200

2     2,000      210

3     2,000      210

The table shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Between Year 1 and Year 2, real GDP increased by

Multiple Choice

•      1.5 percent.
•      2.5 percent.
•      5.0 percent.
•      6.0 percent.

The invention of the steam engine ushered in the following developments, except

Multiple Choice

•      mass-production in industrial factories, for the first time.
•      much easier and cheaper transportation of resources and products.
•      a sharp reduction in trade as many societies specialized.
•      major population shifts, from farms to towns and cities.

The Great Recession that started in 2007 was triggered by shocks in which of the following economic sectors?

Multiple Choice

•      gold market and stock market
•      international trade and foreign exchange markets
•      real estate and financial markets
•      consumer and government spending

A review of the trends in labor productivity growth in the U.S. for the periods 1973–1995, 1995–2010, and 2010–2018 suggests which of the following patterns?

Multiple Choice

•      a persistently strong growth averaging about 2.5 percent per year throughout the three periods
•      an initial strong growth averaging 2.5 percent per year in the period 1973–1995, followed by weak growth in 1995–2010, and a sharp rise again in 2010–2018
•      an initial modest growth averaging 1.5 percent per year in 1973–1995, followed by much higher growth in 1995–2010, then a collapse to very slow growth in 2010–2018
•      a relatively steady and modest growth throughout all three periods, averaging about 1.5 percent

A nation's average annual real GDP growth rate is 2.5 percent. Based on the rule of 70, the approximate number of years that it would take for this nation's real GDP to double is

Multiple Choice

•      175 years.
•      40 years.
•      28 years.
•      17.5 years.