CH25

A nation's standard of living is best measured by its

  
real GDP.
nominal GDP per person
nominal GDP
real GDP per person
 
 
Macroeconomists study
  
the interaction between households and firms
economy-wide phenomena
the decisions of individual households and firms.
regulations imposed on firms and unions
 
 
A nation’s standard of living is determined by
  
the quantity of natural resources with which it is endowed
factors and events that are beyond the nation’s control
the percentage of its GDP that is accounted for by government purchases
the productivity of its workers
 
 
The equipment and structures available to produce goods and services are called
  
human capital.
physical capital
technology.
the production function.
 
 
resources
  
take two forms: renewable and nonrenewable
All of the other answers are correct.
include land, rivers, and mineral deposits
are inputs provided by nature
 
 
Private property rights foster an increase in a nation's productivity.
  
True
False
 
 
All of the nations which have grown in productivity have utilized some form of Capitalism.
  
True
False
 
On average, Countries with the richer higher productivity over the long term have
healthier people.
  
True
False
 
 
The one variable that stands out as the most significant explanation of large variations in
living standards around the world is
  
preferences.
population
productivity.
prices.
 
 
An improvement in production technology will:  
  
increase equilibrium price.
shift the supply curve to the right
shift the supply curve to the left
shift the demand curve to the left.
 

Because of human population growth, the world will definitely run out of Natural
Resources and become less productive in the future.
  
True
False
 

Human capital is the

  
total number of hours worked in an economy.
knowledge and skills that workers acquire through education, training, and experience. 
stock of equipment and structures that is used to produce goods and services.  
same thing as technological knowledge.
 
Productivity is the amount of goods and services
 
produced for each hour of a worker’s time. It is linked to a nation’s economic policies
 
an economy produces. It is not linked to a nation’s economic policies
 
produced for each hour of a worker’s time. It is not linked to a nation’s economic policies
  
an economy produces. It is linked to a nation’s economic policies.
 

The two main reasons the U.S. has increased production over time are
  
Technology and Natural Resources 
Knowledge and Human Resources
Human Resources and Natural Resources
Technology and Knowledge
 

How does the productivity of the U.S. relate to other countries?

Productivity measures output per unit of input, considering factors such as capital, labor, land, or
any other resource in the production process. 

In 2019, the IMF ranked Luxembourg first, followed by Switzerland, Norway, Ireland, Qatar and
Iceland, then the U.S. 
Productivity measures the number of goods or services that workers supply each hour. When
workers are more productive, they are likely to earn more money. Higher productivity also
boosts profits and helps to keep inflation from getting out of hand. Technology and flexible labor
markets are the reason for high productivity in the U.S. Across the U.S., there are varying
resources, industries, workers, technologies, government policies, and incentives that paly into
how businesses and workers develops.

U.S has an extensive use of technology which makes me to learn more technological skills. This
also make me more valuable on the work filed what can bring me a bigger paycheck.