Quiz: Study Game - Topic 5.6 (k12 - economics - sociology


Study Game - Topic 5.6Online version Economic Growth by Zachary Foust 1 Which of the following causes economic growth? a A decrease in the money supply b A decrease in the price level c An increase in consumption spending d An increase in labor productivity 2 For a given population and a given quantity of labor employed, what will happen to aggregate production and income per capita if there is an increase in a nation's capital stock? a Aggregate production will increase, and income per capita will decrease. b Aggregate production will increase, and income per capita will increase. c Aggregate production will decrease, and income per capita will increase. d Aggregate production will decrease, and income per capita will be indeterminate. 3 Which conclusion can be supported by the data in the table above? a Country Y's real GDP per capita is greater than Country X's real GDP per capita. b Country X's real GDP per capita is $4,000. c Country X's economy grew at a faster rate than Country Y's economy did. d Income is more equally distributed in Country X than in Country Y. 4 If subsidies for research and development on new technologies lead to an increase in the average productivity of labor, what will most likely happen to real GDP per capita and long-run aggregate supply (LRAS) for a given population size? a Real GDP per capita will decrease, and LRAS will increase. b Real GDP per capita will decrease, and LRAS will decrease. c Real GDP per capita will increase, and LRAS will increase. d Real GDP per capita will increase, and LRAS will decrease. 5 Which of the following policy changes will most likely shift the long-run aggregate supply curve to the right? a An increase in income taxes b An decrease in the money supply c An increase in the required reserve ratio d An increase in government spending on public education 6 Which of the following is a supply-side fiscal policy that could stimulate economic growth? a A decrease in income tax credits b A decrease in the corporate tax rate c A decrease in the sales taxes imposed on household goods d An increase in the money supply 7 What is economic growth? a An increase in the maximum amount of goods and services that an economy can produce b An increase in nominal gross domestic product c An increase in the price level due to expansionary monetary policy d An increase in aggregate demand caused by the implementation of an expansionary fiscal policy 8 What is real GDP per capita? a Real GDP divided by the population b Real GDP multiplied by the population c Real GDP subtracted from the population d Real GDP added to the population 9 What is labor productivity? a Output per worker b The efficiency of the labor force c The labor force participation rate d The birth rate 10 What is physical capital? a Tools, buildings, and machines b The money used to purchase stocks and bonds c Demand deposits d Loanable funds 11 What is human capital? a The size and skill level of the labor force b Tools, buildings, and machines c The personal savings of the population d The place were government meets to pass laws 12 What is technology? a The way in which products are made b Tools, buildings, and machines c The size and skill level of the labor force d Stocks and bonds 13 What is the PPC? a A graph that shows the maximum possible output of two goods b A graph that shows the real interest rate c A graph that shows the nominal interest rate d A graph that shows the price level and real GDP 14 What is infrastructure? a Roads, power lines, and information networks b Spending on the provision of healthcare c Military spending on tanks and fighter jets d The money supply 15 What is research and development? a Spending on new technology b Spending on physical capital c Spending on human capital d Consumer spending 16 What is capital depreciation? a A reduction in the value of physical capital over time b A reduction in the value of a currency c A reduction in the value of an asset like stocks or bonds d A reduction in the nominal interest rate

1

Which of the following causes economic growth?

a

A decrease in the money supply

b

A decrease in the price level

c

An increase in consumption spending

d

An increase in labor productivity

2

For a given population and a given quantity of labor employed, what will happen to aggregate production and income per capita if there is an increase in a nation's capital stock?

a

Aggregate production will increase, and income per capita will decrease.

b

Aggregate production will increase, and income per capita will increase.

c

Aggregate production will decrease, and income per capita will increase.

d

Aggregate production will decrease, and income per capita will be indeterminate.

3

Which conclusion can be supported by the data in the table above?

a

Country Y's real GDP per capita is greater than Country X's real GDP per capita.

b

Country X's real GDP per capita is $4,000.

c

Country X's economy grew at a faster rate than Country Y's economy did.

d

Income is more equally distributed in Country X than in Country Y.

4

If subsidies for research and development on new technologies lead to an increase in the average productivity of labor, what will most likely happen to real GDP per capita and long-run aggregate supply (LRAS) for a given population size?

a

Real GDP per capita will decrease, and LRAS will increase.

b

Real GDP per capita will decrease, and LRAS will decrease.

c

Real GDP per capita will increase, and LRAS will increase.

d

Real GDP per capita will increase, and LRAS will decrease.

5

Which of the following policy changes will most likely shift the long-run aggregate supply curve to the right?

a

An increase in income taxes

b

An decrease in the money supply

c

An increase in the required reserve ratio

d

An increase in government spending on public education

6

Which of the following is a supply-side fiscal policy that could stimulate economic growth?

a

A decrease in income tax credits

b

A decrease in the corporate tax rate

c

A decrease in the sales taxes imposed on household goods

d

An increase in the money supply

7

What is economic growth?

a

An increase in the maximum amount of goods and services that an economy can produce

b

An increase in nominal gross domestic product

c

An increase in the price level due to expansionary monetary policy

d

An increase in aggregate demand caused by the implementation of an expansionary fiscal policy

8

What is real GDP per capita?

a

Real GDP divided by the population

b

Real GDP multiplied by the population

c

Real GDP subtracted from the population

d

Real GDP added to the population

9

What is labor productivity?

a

Output per worker

b

The efficiency of the labor force

c

The labor force participation rate

d

The birth rate

10

What is physical capital?

a

Tools, buildings, and machines

b

The money used to purchase stocks and bonds

c

Demand deposits

d

Loanable funds

11

What is human capital?

a

The size and skill level of the labor force

b

Tools, buildings, and machines

c

The personal savings of the population

d

The place were government meets to pass laws

12

What is technology?

a

The way in which products are made

b

Tools, buildings, and machines

c

The size and skill level of the labor force

d

Stocks and bonds

13

What is the PPC?

a

A graph that shows the maximum possible output of two goods

b

A graph that shows the real interest rate

c

A graph that shows the nominal interest rate

d

A graph that shows the price level and real GDP

14

What is infrastructure?

a

Roads, power lines, and information networks

b

Spending on the provision of healthcare

c

Military spending on tanks and fighter jets

d

The money supply

15

What is research and development?

a

Spending on new technology

b

Spending on physical capital

c

Spending on human capital

d

Consumer spending

16

What is capital depreciation?

a

A reduction in the value of physical capital over time

b

A reduction in the value of a currency

c

A reduction in the value of an asset like stocks or bonds

d

A reduction in the nominal interest rate

You can integrate the game into an LMS compatible with LTI 1.1 or LTI 1.3 such as Canvas, Moodle, or Blackboard. This way, the scores will be automatically saved into the platform’s gradebook.

Study Game - Topic 5.6

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Study Game - Topic 5.6Online version

by Zachary Foust

Which of the following causes economic growth?

For a given population and a given quantity of labor employed, what will happen to aggregate production and income per capita if there is an increase in a nation's capital stock?

Which conclusion can be supported by the data in the table above?

If subsidies for research and development on new technologies lead to an increase in the average productivity of labor, what will most likely happen to real GDP per capita and long-run aggregate supply (LRAS) for a given population size?

Which of the following policy changes will most likely shift the long-run aggregate supply curve to the right?

Which of the following is a supply-side fiscal policy that could stimulate economic growth?

What is economic growth?

What is real GDP per capita?

What is labor productivity?

What is physical capital?

What is human capital?

What is technology?

What is the PPC?

What is infrastructure?

What is research and development?

What is capital depreciation?

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