Chapter 13 Why Do Economies Grow?

| November 9, 2018

21)
The contribution to output growth of technological progress is estimated by how
much of the output growth can be explained by the growth in inputs.

22)
Do inventions have to be major technological breakthroughs to affect the
efficiency of producing goods? Explain.

23)
Growth accounting is a method which measures the contributions to economic
growth from what three factors?

13.4 What Causes Technological Progress?

1)
All of the following can cause technological progress EXCEPT
A)
research and development.
B)
education.
C)
free trade.
D)
population decreases.

2)
It is possible for an economy to become more productive and per-capita output
to increase if
A)
new ideas are generated.
B)
inventions are developed.
C)
technology is improved.
D)
all of the above

3)
The process by which monopoly profits leads to technological progress in known
as
A)
imperfect competition.
B)
destructive creation.
C)
creative destruction.
D)
economies of scale.

4)
Monopoly profits lead to technological process by
A)
carefully investing deadweight loss.
B)
encouraging the development of innovations by firms attempting to break a
monopoly.
C)
firms lobbying Congress for protection of their monopolies.
D)
increasing the amount of human capital in the economy.

5)
When one company is the sole seller of certain products in a market, it is
called a
A)
government exclusive.
B)
monopoly.
C)
manipulation of the market.
D)
conglomerate.

6)
All of the following encourage increases in technological progress EXCEPT
A)
larger markets through free trade.
B)
the possibility of monopoly profits.
C)
the ability to patent a new invention.
D)
closed economies.

7)
To reduce labor costs, companies often invent machines and methods to produce
products and reduce the amount of labor required. This is called
A)
downsizing.
B)
induced innovation.
C)
failed labor utilization.
D)
anti-union.

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