101.Whichofthefollowingiscorrect?
a.Onceadjustmentismadeforinflation,thepricesofmostnaturalresourceshavebeenaboutsteadyorfalling.
b.Technologicalprogresshasallowedustosubstituterenewableresourcesforsomenonrenewableresources.
c.Technologicalprogresshasmadeonce-crucialnaturalresourceslessnecessary.
d.Alloftheabovearecorrect.
102.Afteradjustingforinflation,overtimethepricesofmostnaturalresourceshavebeen
a.steadyorfalling,meaningthatourabilitytoconservethemisgrowingmorerapidlythantheirsuppliesaredwindling.
b.steadyorfalling,meaningthattheirsuppliesaredwindlingmorerapidlythanourabilitytoconservethemisgrowing.
c.rising,meaningthatourabilitytoconservethemisgrowingmorerapidlythantheirsuppliesaredwindling.
d.rising,meaningthattheirsuppliesaredwindlingmorerapidlythanourabilitytoconservethemisgrowing.
103.Ifnaturalresourceshadbecomescarcer,thenwewouldexpecttheir
a.pricestohaverisenmorethaninflationastheyhave.
b.pricestohaverisenmorethaninflation,buttheyhavenot.
c.knownquantitiestohavefallenastheyhave.
d.knownquantitiestohavefallenbuttheyhavenot.
104.Aleadingenvironmentalgrouprecentlypublishedareportcontendingthathumansarerunninga”resourcedeficit”becauseweareusingnaturalresourcesfasterthantheycanberegenerated.Thegroupclaimsthatthismeansthateconomicgrowthwilleventuallystop,andwillevenbereversed.Aneconomistwould
a.agreewiththereport,andwouldpointtorisingnaturalresourcepricesasevidence.
b.agreewiththereport,butwouldn’tthinkitwasimportantbecausegrowthwillnotslowdownforseveralcenturies.
c.disagreewiththereport,inpartbecauseitignoresthemitigatingeffectsoftechnologicalchange.
d.disagreewiththereportbecauselaborandcapitalaretheprimarydeterminantsofgrowth,andsincetheyareplentiful,growthwillnotslowdown.
105.Despiteitsstatusasoneoftherichestcountriesintheworld,Japan
a.hasaverylowlevelofproductivity.
b.hasfewnaturalresources.
c.hasverylittlehumancapital.
d.engagesinarelativelysmallamountofinternationaltrade.
106.Whichofthefollowingbeststateseconomists’understandingofthefactsconcerningtherelationshipbetweennaturalresourcesandeconomicgrowth?
a.Acountrywithnoorfewdomesticnaturalresourcesisdestinedtobepoor.
b.Differencesinnaturalresourceshavevirtuallynoroleinexplainingdifferencesinstandardsofliving.
c.Somecountriescanberichmostlybecauseoftheirnaturalresourcesandcountrieswithoutnaturalresourcesneednotbepoor,butcanneverhaveveryhighstandardsofliving.
d.Abundantdomesticnaturalresourcesmayhelpmakeacountryrich,butevencountrieswithfewnaturalresourcescanhavehighstandardsofliving.
107.Anunderstandingofthebestwaystoproducegoodsandservicesiscalled
a.humancapital.
b.physicalcapital.
c.technology.
d.productivity.
108.Technologicalknowledgerefersto
a.humancapital.
b.availableinformationonhowtoproducethings.
c.resourcesexpendedtransmittingsociety’sunderstandingtothelaborforce.
d.Alloftheabovearetechnologicalknowledge.
109.Technologicalknowledge
a.isthesamethingashumancapital.
b.canbediscoveredbutitcanneverbekeptsecret.
c.isadeterminantofproductivity.
d.doesnotplayaroleintherelationshipthateconomistscalltheproductionfunction.
110.Proprietarytechnologyisknowledgethatis
a.knownbutnolongerusedmuch.
b.known,butonlyrecentlydiscovered.
c.knownmostlybyonlythoseinacertainprofession.
d.knownonlybythecompanythatdiscoveredit.
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