Question

1.A common finding is that both factor accumulation and production efficiency appear important and that they...

1.A common finding is that both factor accumulation and production efficiency appear important and that they are positively correlated. This may be explained by (choose one or more)

A an efficient economy may encourage capital accumulation

B capital accumulation may induce greater efficiency

C the idea that both factor accumulation and production efficiency are driven by the quality of the nation’s institutions

2.In the world today economies face the possibility of (choose one or more)

A excessive saving and capital accumulation beyond the Golden Rule

B insufficient saving and capital accumulation below the Golden Rule

3.Capital includes (choose one or more)

A plant and equipment

B infrastructure

C physical capital

D human capital

4.In The Wealth of Nations (1776), Adam Smith argued that (choose one or more)

A openness to international trade is good for economic growth

B economic growth promotes international trade

C and Smith’s argument is supported by the overwhelming weight of the empirical evidence

5.Endogenous growth theory models (choose one or both)

A seek to explain technological advance

B reject the Solow model’s assumption of exogenous technological change

6.In Capitalism, Socialism, and Democracy (1942), Joseph Schumpeter (1883-1950) suggested that economic progress comes through a process of

A           creative destruction

B           destructive creation

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