The assumption of constant returns to capital alone implies that larger firms should be more efficient than smaller firms. The reason this doesn't necessarily imply a tendency toward monopolization is that
A. most industries are perfectly competitive in nature
B. firms have more inputs than just capital
C. constant returns to capital alone still implies decreasing returns to all factors of production taken together
D. if one firms increases its use of capital, other firms can also capture some of the production benefits of the new capital through spillover effects
E. none of the above
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Which of the following statements is FALSE?
A. endogenous growth theory relies on constant returns to scale of capital alone to generate ongoing growth
B. endogenous growth theory predicts that an increase in population growth will always lead to an increase in the overall growth rate
C. the microeconomics underlying endogenous growth theory emphasizes the existence of substantial external returns to capital
D. endogenous growth theory predicts that a high savings rate can generate a high growth rate
E. empirical evidence suggests that endogenous growth theory is not very important for explaining differences in growth among countries
According to the endogenous growth theory
A. countries with the same technology and population growth eventually converge to the same steady-state growth rate independent of the savings rate
B. the steady-state growth rate decreases as the rate of accumulation of factors of production increases
C. the long-term growth rate of capital is not affected by the savings rate
D. the steady-state growth rate is affected by the rate at which the factors of production are accumulated
E. none of the above
If we compare the annual growth rates in the U.S. and Japan, we see that from 1950 to 1992, the difference in average annual growth in GDP per capita between Japan and the U.S. was about
A. 0.012
B. 0.022
C. 0.028
D. 0.038
E. 0.052
Which of the following is FALSE?
A. a high level of investment generally does not lead to a higher living standard
B. in industrial countries the amount of labor is less important than the skills and talent of the work force
C. a country that possesses rich natural resources should have a high standard of living
D. countries with fewer average years of schooling often have lower living standards
E. if a poor country invests in health it can significantly increase the quality of human capital and thus raise overall living standards
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