Assume a production function with only two inputs, capital and labor. In this case, the concept of a diminishing marginal product of capital implies that
A. as less capital is being used, more and more labor has to be employed to increase output
B. as both labor and capital inputs are increased, output increases but at a decreasing rate
C. as the amount of capital is increased and the amount of labor remains fixed, output increases but at a decreasing rate
D. as the amount of capital increases and the amount of labor remains fixed, output cannot increase
E. labor inputs have a bigger impact on increasing output than capital inputs
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Which of the following countries had the HIGHEST average annual growth rate of GDP per capita between 1988 and 2010?
A. China
B. India
C. Mexico
D. South Korea
E. United States
Which of the following countries had the LOWEST average annual growth rate of GDP per capita between 1988 and 2010?
A. Egypt
B. Ghana
C. Tanzania
D. Thailand
E. United States
Which of the following countries annual growth rate of GDP per capita between 1988 and 2010 was closest to that of the United States?
A. China
B. Egypt
C. Indonesia
D. Tanzania
E. Thailand
Which of the following economists did NOT significantly contribute to the debate on exogenous versus endogenous growth?
A. Robert Barro
B. Gregory Mankiw
C. Robert Lucas
David Ricardo
E. Paul Romer
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