Econ 1040 Chapt 7 – Flashcards

Which of the following countries had the lowest level of real GDP per person in 2010? a. Bangladesh b. Indonesia c. Mexico d. China

Which of the following statements is correct? a. a real income per person in the U.S. was about 6 times that in China b. real income per person in China was more than 2 times that in India c. the typical resident of India had less real income than the typical resident of England in 1870 d. All the above are correct

You sell cupcakes. One day you double the time you spend and double all your inputs, and make twice as many cupcakes. Your cupcake production function has a. decreasing returns to scale b. zero returns to scale c. constant return to scale d. increasing returns to scale

If natural resources had become scarcer, then we would expect their a. prices to have risen more than inflation as they have b. prices to have risen more than inflation, but they have not c. known quantities to have fallen as they have d. known quantities to have fallen but they have not

The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called a. physical capital b. natural resources c. human capital d.technological knowledge

Which of the following is a determinant of productivity? a. human capital per worker b. physical capital per worker c. natural resources per worker d. all of the above are correct

Thomas Malthus's predictions turned out to be wrong due to