WEEK 3: SUPPLEMENTARY

Week 3: Supplementary - Online Quiz

Week 3: Supplementary - Online Quiz

Question 1

4 out of 4 points

How do you calculate the average product of labor?

Answer

Selected Answer:

  

Total output produced divided by total units of labor employed

Correct Answer:

  

Total output produced divided by total units of labor employed

Question 2

4 out of 4 points

Which phase of the business cycle best describes an economy that is experiencing a positive rate of economic growth?

Answer

Selected Answer:

  

Expansion

Correct Answer:

  

Expansion

Question 3

4 out of 4 points

For an economy to expand its investment in the production of capital goods, it must

Answer

Selected Answer:

  

Forego some production of consumer goods and services

Correct Answer:

  

Forego some production of consumer goods and services

Question 4

0 out of 4 points

The quantity of capital in the U.S. economy has grown at a rate ________ the growth in the labor force.

Answer

Selected Answer:

  

Slower than

Correct Answer:

  

Faster than

Question 5

4 out of 4 points

Human capital refers to

Answer

Selected Answer:

  

Skills and training that increase a worker's productivity

Correct Answer:

  

Skills and training that increase a worker's productivity

Question 6

0 out of 4 points

What is technology?

Answer

Selected Answer:

  

The mix of labor and capital used in production

Correct Answer:

  

The means and methods of production

Question 7

4 out of 4 points

Why does spending on capital tend to increase economic growth more than spending of consumption goods? Because

Answer

Selected Answer:

  

Capital can be used to produce future goods and services

Correct Answer:

  

Capital can be used to produce future goods and services

Question 8

4 out of 4 points

Which of the following is the most commonly used measurement of economic growth? Changes in

Answer

Selected Answer:

  

Real GDP

Correct Answer:

  

Real GDP

Question 9

4 out of 4 points

Which group is responsible for announcing the dates for each phase of a U.S. business cycle?

Answer

Selected Answer:

  

The National Bureau of Economic Research

Correct Answer:

  

The National Bureau of Economic Research

Question 10

4 out of 4 points

A decline in the level of economic activity occurs during which phase of the business cycle?

Answer

Selected Answer:

  

Contraction

Correct Answer:

  

Contraction

Question 11

4 out of 4 points

Which of the following is the best definition of "productivity"?

Answer

Selected Answer:

  

A measurement of how efficiently resources are converted into goods and services through a production process

Correct Answer:

  

A measurement of how efficiently resources are converted into goods and services through a production process

Question 12

4 out of 4 points

What are the two primary determinants of ...