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a.
They are positively correlated as predicted by theory
b.
They are negatively correlated as predicted by theory
c.
They are predicted to rise but fell historically
d.
They are predicted to fall but rose historically
1 points
QUESTION 42
Suppose a country produced 100 units of a resource at an extraction cost of 1.50 per unit and sold at a price of 5.00 per unit. The value of exhausted resource is
a.
350
b.
400
c.
450
d.
500
1 points
QUESTION 43
Geographic factor that is not conducive to economic growth include
a.
proximity to oceans or rivers that open to the sea
b.
located close to rich countries
c.
located near the equator
d.
all of the above
1 points
QUESTION 44
Suppose a country produced 100 units of a resource at an extraction cost of 3.00 per unit and sold at a price of 5.00 per unit. GDP for this country was 500, Green GDP was
a.
400
b.
350
c.
300
d.
250
1 points
QUESTION 45
Because of __________ resource prices, Green GDP has been __________.
a.
rising; overestimated
b.
falling; overestimate
c.
rising; underestimated
d.
falling; underestimated
1 points
QUESTION 46
Suppose that resource consumption is growing at 5% and the population is shrinking by 2%. What rate does resource intensity need to be growing at to allow for output per capita to grow at 2%?
a.
2%
b.
3%
c.
4%
d.
5%
1 points
QUESTION 47
Resource curse means all of the following except
a.
the abundance of natural resources leads to rent seeking activity
b.
the abundance of natural resources leads to government making poor policies
c.
a country’s economic growth is limited by a lack of natural resources
d.
natural resources produce short-term benefits but long-term harm
e.
all of the above
1 points
QUESTION 48
Which of the following statements is true about the Dutch disease?
a.
It refers to a disease that originated from Holland that destroys tulips
b.
It refers to the tendency of natural resource rich countries to over-consume and under invest in capital
c.
It refers to how natural resource can come to dominate an economy at the expense of the development of other industries
d.
It refers to how low transportation costs can reduce the advantage of resource-rich countries has over resource-poor countries
1 points
QUESTION 49
According to your textbook, which of the following factors can limit economic growth?
a.
Lack of natural resources
b.
Geographically located near low cost transportation routes
c.
Geographically located in the temperate zones
d.
None of the above
1 points
QUESTION 50
In the boxed article “Guns, Germs, and Geography”, the early domination of Eurasia over the Americas, Australia, and sub-Saharan Africa was attributed to the following except
a.
Eurasia’s huge landmass
b.
Eurasia’s geographic orientation along a east-west axis
c.
Eurasia’s developing early immunity to certain diseases
d.
Eurasia’s huge technological lead
e.
None of the above
1 points
QUESTION 51
In “Will Growth Make Us Happy?”, which of the following empirical evidence is not true?
a.
People with average income of over $15000 reported to be twice as happy as people with average income below $15000
b.
Within a country, there is no relationship between average income and happiness
c.
The positive correlation between income and happiness is limited only to an income up to $15000
d.
People in rich countries tend to report themselves to be happier than people in poor countries
1 points
QUESTION 52
The following statements about “Comparison utility” are all true except
a.
It can explain why at a point in time, income and happiness are positively correlated
b.
Is useful in explaining why there is no correlation between happiness and income overtime within a given country
c.
It means that your happiness depends only on your income
d.
It can explain why Mr. Keynes’s prediction that we would have an abundance of leisure time in the future did not come true
1 points
QUESTION 53
In “Is Growth Good for the Poor?”, which of the following is not true?
a.
The poor is better off in a rich country with unequal distribution of income than in a less wealthy country but more equal distribution of income
b.
GDP per capita is more important than income inequality in determining the income of the poor
c.
The average income of the poor is higher in the country with more equal distribution of income than in the country with more unequal distribution of income when the two countries have the same GDP per capita
d.
All the above are true
1 points
QUESTION 54
Globalization is especially important in the future for countries that are
a.
Lacking in natural resources
b.
Located in climates that are not conducive to economic growth
c.
Lacking in technological knowhow
d.
developing countries
e.
all of the above
1 points
QUESTION 55
The tragedy of the commons refers to
a.
The tendency to overuse renewable natural resources
b.
The tendency to overuse non-renewable natural resources
c.
The tendency to overexploit resources where there is no clear property rights
d.
The fact that air pollution is a common problem faced by many countries
1 points
QUESTION 56
Looking to the future, we can expect
a.
Technology to progress at the same pace as the recent past
b.
Income inequality to continue to narrow between countries as more and more developing countries become developed countries
c.
World population to stabilize in the next 50 years
d.
Globalization to continue at the current pace
e.
Nothing is guaranteed
1 points
QUESTION 57
Which of the following statements about democracy is true?
a.
Democratic countries have the highest growth rates
b.
Democracies tend to have stronger rule of law and therefore cannot be bad for economic growth
c.
The economist Robert Barro suggested that there is an optimal level of democracy
d.
All of the above
1 points
QUESTION 58
You observe that the voting participation is consistently higher in Country A than in Country B. Based on this observation and assuming all else are equal, you can conclude which of the following to be true?
a.
Country A has a higher degree of social capital than Country B
b.
Country B has a higher degree of social capital than Country A
c.
Country A has a higher degree of social capability than Country B
d.
Country B has a higher degree of social capability than Country A
1 points
QUESTION 59
For the U.S. since WWII, income inequality
a.
Has been rising
b.
Has been falling
c.
Has been more or less flat
d.
Resembles an U-shape curve, falling initially and then rising
e.
Resembles an inverted U-shape curve, rising initially and then falling
1 points
QUESTION 60
In “Government Regulation: Helping Hand or Grabbing Hand”, which of the following is true?
a.
Evidence suggests that government regulation is more a helping hand
b.
Countries with more government regulations tend to have lower pollution, better and safer consumer products
c.
Corrupt governments tend to have more regulations that benefit the citizens
d.
Democratic governments tend to have fewer regulations
