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Problemset Title Introductory Text Chapter 3 Quiz Question 1 Differences in the amount of capital per worker explain a large difference in ________ among countries. Hint: Type: Multiple Choice Question 2 Feedback for all incorrect answers: Answer Graded As GDP Correct Population Incorrect Work force Incorrect Technology Incorrect Feedback Which of the following is NOT a characteristic of physical capital? Hint: Type: Feedback for Multiple Choice all incorrect answers: Answer Graded As It is rival. Incorrect It wears out over time. Incorrect It is not produced. Correct It is productive. Incorrect Question 3 Which of the following are rival in their use? I. Sunlight II. Fashion Type: Multiple Choice III. Gas station Hint: Feedback for all incorrect answers: Feedback Answer Graded As I only Incorrect I and II only Incorrect III only Correct II and III only Incorrect Feedback Question 4 Which of the following most likely exhibits diminishing marginal product? I. A shoe factory currently uses 4 machines to produce 20 units of output. When one more machine is added, output increases to 25. Type: Multiple Choice II. A student studies for 10 hours and receives a 90 on his exam. For the next exam, he studies for 12 hours and receives a 92. III. A restaurant employs one chef who can produce 10 meals per hour. After a second chef is hired they specialize tasks and output increases to 25 meals per hour. Hint: Feedback for all incorrect answers: Question 5 Type: Multiple Choice Answer Graded As I and III only Incorrect II only Correct II and III only Incorrect III only Incorrect Feedback What is labor's share of income estimated to be when the only other input to production is physical capital? Hint: Feedback for all incorrect answers: Answer Graded As 1/3 Incorrect 1/2 Incorrect 2/3 Correct 0 Incorrect Feedback Question 6 What governs the accumulation of capital? I. Investment II. Productivity Type: Multiple Choice III. Depreciation Hint: Feedback for all incorrect answers: Answer Graded As I only Incorrect II and III only Incorrect I and III only Correct I, II and III Incorrect Feedback Question 7 Suppose that a constant 20% of output is invested and capital stock depreciates at a constant rate of 0.8% and population is constant. If the economy exhibits a Cobb-Douglas production function, with a= 1/3 and Type: Multiple Choice A=1, and the current level of capital per worker is 125, what will happen to capital stock? Hint: Feedback for all incorrect answers: Answer Graded As Capital stock will increase. Incorrect Capital stock will decrease. Incorrect Capital stock will be at its steady state level. Correct It cannot be determined from the given information. Incorrect Question 8 Feedback Suppose that a country is in a steady state when numerous tornados hit and destroy much of their capital, but nothing else is affected. What should we expect to happen? Type: Multiple Choice Hint: Feedback for all incorrect answers: Answer Graded As Feedback The country's output will jump above its steadystate and then capital stock will slowly fall. Incorrect The country's output will fall below its steady-state Correct and then capital stock, and hence output, will slowly rise. Question 9 Type: Multiple Choice Question 10 The country's steady-state level of output will fall, but the country's capital stock will fall to reach it. Incorrect The country's steady-state level of output will rise, but the country's capital stock will rise to reach it. Incorrect Suppose we are using a model to predict the grades that each member of a class will receive. Which of the following variables are endogenous? Hint: Feedback for all incorrect answers: Answer Graded As Years of previous schooling. Incorrect The birthplace of the student. Incorrect The average grade received on the exam. Correct None of the above. Incorrect Feedback Which of the following number of steady states is NOT possible? Hint: Type: Feedback for Multiple Choice all incorrect answers: Answer Graded As 0 Incorrect 2 Incorrect Infinite steady states. Incorrect None, all of the above are possible. Correct Feedback