第9篇 长期中的真实经济_练习答案

Chapter 25 Production and Growth

1. The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good

measure of __________.

ANS:

economic progress

2. John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour,

while Miguel consistently catches 5 or 6 fish per hour. Miguel’s __________ exceeds that of John.

ANS:

productivity

3. List the four determinants of an economy’s productivity.

ANS:

The four determinants are physical capital per worker, human capital per worker, natural resources per worker, and technological knowledge.

4. Because of its vast oil reserves, Saudi Arabia is a rich country. Saudi Arabia exemplifies the general

fact that differences in __________ are responsible for some of the differences in standards of living around the world.

ANS:

natural resources

5. “When workers acquire tools, they become more productive.” This statement reflects the general fact

that __________ is a determinant of productivity.

ANS:

physical capital per worker

6. What do we mean when we say that some technological knowledge is not proprietary（非独占的）?

ANS:

Technological knowledge is not proprietary if it is common knowledge — after one person uses it, everyone becomes aware of it.

7. If a production function has the property called __________, then doubling all inputs causes the

amount of output to double as well.

ANS:

constant returns to scale

8. In what sense is capital accumulation costly to a society?

ANS:

Capital accumulation requires that society consume less and save more of its current income. The foregone consumption is the cost of capital accumulation.

9. Because of __________, an increase in the saving rate leads to higher growth of income and

productivity only for a while.

ANS:

diminishing returns

10. How does the phenomenon of diminishing returns to capital explain the catch-up effect?

ANS:

When an economy initially has a small amount of capital, additions to capital substantially raise

workers’ productivity, making it possible for poor countries with little capital to “catch up” with richer countries.

11. What is the distinction between foreign direct investment and foreign portfolio investment?

ANS:

A capital investment that is owned and operated by a foreign entity is called foreign direct investment;

a capital investment that is financed with foreign money but operated by domestic residents is called

foreign portfolio investment.

12. Studies have found that there is a relationship between height and productivity. Briefly explain.

ANS:

Studies show that taller workers tend to earn more income per hour. Because wages reflect a

worker’s productivity, this suggests that taller workers tend to be more productive.

13. What are inward-oriented policies? Do most economists recommend these types of policies to poor

countries?

ANS:

Inward-oriented policies are intended to make a country’s people better off by avoiding interaction with the rest of the world. Most economists recommend outward-oriented policies to poor countries.

14. In what sense is it likely that geography has an effect on a country’s rate of economic growth?

ANS:

Countries with natural seaports and easy access to the sea are more likely to engage in trade with other nations. In turn, free trade promotes economic growth and higher living standards.

15. Which well-known economist from the past asserted that “the power of population is infinitely greater

than the power in the earth to produce subsiste nce for man?”

ANS:

The economist was Thomas Robert Malthus.