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1. Living standards
Human capital
Physical capital
More college students
Company computers
Development of
smaller mp3 players
New distribution techniques
Adult literacy increase
3. Increase in education and training
4. Input into production function
Profits of a large investment company
Not an input into the production function
Unskilled migrant worker into Latin
Significant amount of oil discovered in
Contributions to social security
Bonds issued by automaker
5. Based on graph
a.) Cathy’s is experiencing more diminishing returns to capital than Joe’s
b.) The level of technology the capital employs
6. a.) sunshine, because she was producing more to start with
b.) Donny’s production will increase by 100 dozens
c.) sunshine’s production increases by more than 80 dozens
7. Developed countries have greater productivity per unit capital because they are better at
developing new technology
8. Real GDP from $20,000 to $40,0000
=$5380 if the number of workers is constant
Real GDP from $40,000 to $60,000
=$3640 if the number of workers is constant
ii). What does the graph demonstrates
Increasing capital leads to a constant increase in real GDP
9.Natural resources are the single most part of productivity.
10. all of the above
Physical capital change
A company builds a new factory
Technological change
A company replaces its current machines with
better ones.
A company gets a new fleet of trucks
A factory manager implements a new system
which keeps workers from needing machines at
the same time.
A company buys three additional machines to
supplement its original supply.
All of a company’s factory workers undergo a
new training program
12. Determining the situation that best fit the term
1. human capital
2. brain drain
3. catch-up effect
4. diminishing return
5. physical capital
6. property rights
13. Froland, a country known to resolve most trials and legal issues within a year
14. The people in the two nations are radically different: south Koreans are known to be just
naturally more productive
15. a.) will quickly outgrow its ability to produce an adequate quantity of food, and so will live
in continual poverty
b.) Weak or corrupt government are unable to protect property rights and uphold the rule of
16. a.) per capita GDP is higher in2010 than it was in 2000.
b.) Strict population control measure
Policies that foster economic growth
policies that tend to inhibit economic growth
Establish an independent central bank that
Adopt a policy of fixed exchange rates that
possesses the power to properly control the
allows the government to increase the value of
money supply
domestic currency above the market rates
Promote the education of women
Create a public infrastructure, including
Clearly define and enforce property rights that
communication, education, medical services,
extend to all members of society
sanitation and transport facilities
Establish a stable national government that
leads to domestic laws and order and promotes
social peace and unity
Factors that tend to expand capital accumulation
factors that tend to lower capital accumulation
A vigorous entrepreneurial class that is willing
Poor communication, energy and transport
to bear risks
Arbitrary, cumbersome and unjust tax policies
and systems
Political and social instability
a.) Encourages economic growth
Competitive market system
Free trade
Command based system
b.) Restrict Economic Growth
o Heavy government regulation
o Patents and copyrights
o Protectionist trade policies