week 10 Productivity n standard of living

Question 1

Human capital?

Answer 1

it is the knowledge and skills workers acquire through education and trainings

Question 2

Natural resources?

more Natural resources will boost RGDP.

Answer 2

the input it uses to produce product eg..land, minerals

Question 3

Technical knowledge?

Answer 3

it is society’s understanding of ways to produce more goods & services.

means advance in knowledge to increase productivity

Question 4

Production function?

Answer 4

production function can be a table, graph, chart that showing a relation between output and input.

Question 5

diminishing return to capital?

Answer 5

Increasing of capital, there is a proportion of diminishing in the unit of capital

Question 6

the catch-up effect?

Answer 6

it is where the poor country growing faster than the rich country

Question 7

Foreign direct investment?

Foreign Portfolio Investment?

Answer 7

it is the capital investment that is operated by foreign company eg. factories

capital investment by foreign company but operated by local company

Question 8

Property rights?

Answer 8

the ability to exercise authority over resources that

Question 9

inward oriented policy

Answer 9

restricting trade with other country

Question 10

outward-oriented policy

Answer 10

promoting trade with other world economy

Question 11

Population growth may affact standard of living in 3 ways?

Answer 11

1. stretching of natural resources
2. diluting capital stock
3. promoting technology improvement

Question 12

List the determinant of Productivity?

Answer 12

1. physical Capital per worker-K/L
2. Human capital per worker-H/L
3. Natural resources per worker-N/L
4. Technology A

Question 13

Policies to boost Productivity?

Answer 13

1. encourage saving and investment
2. ecourage investment abroad
3. promoting Education/health and nutrition
4. Patent law or grants
5. Control population