Eco 2315 Exam 2 Test form Bishop TXST with 100% correct answers 2024

Growth in real GDP per capita has: correct answers been more rapid since the mid-nineteenth century than before The rise in average living standards experienced by most industrialized countries: correct answers has been more rapid since 1950 than before 1950 The long-run average annual growth of real GDP per person in the United States is approximately _____ percent. correct answers 2 Compound interest is: correct answers the payment of interest on the original deposit as well as all accumulated interest If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals: correct answers 15,000 Growth of real GDP per person is totally determined by the growth of average: correct answers labor productivity and the proportion of the population employed One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2008 was increased: correct answers female labor force participation In the long run, increases in output per person arise primarily from: correct answers increases in average labor productivity Which of the following is an example of an investment in human capital? correct answers A firm pays for workers to take college classes The prediction that workers obtain additional training only when the rewards from training are expected to exceed the costs of the training (including the opportunity costs) is based on the: correct answers cost-benefit principle In the United States the real wages of the least-skilled , least-educated workers have _____ and the wages of best-educated, highest-skilled workers has _____. correct answers declined; increased Which of the following is an example of an intermediate good ? correct answers A new CD player sold to an automaker for installation in a car Which of the following is an example of a capital good ? correct answers A metal-stamping machine used to produce cars sold to an automaker