Question

Which of the following statements is true, which statement is false? Explain for each statement whether it is true or false.

11) The only source of economic growth is growth in the number of workers in the economy.

12) Labor productivity is total output divided by the total number of worker hours.

13) Workers who take a job related training course are enhancing their human capital.

14) If the population is growing as fast the economy, then per-capita output is growing.

15) If more workers have more capital to work with, then production will increase.

16) Productivity is output per worker hour.

17) The only source of economic growth is technological advancement.

18) Per capita output is a measure of economic welfare of a country.

19) GDP measures the total income of everyone and the total spending by everyone in the economy.

20) Total income in the economy can sometimes be greater than total spending.

Answer 1

11) False. Also Capital and productivity

12) True

13) True

14) False. Stay the same

15) True

16) True

17) False. Also the number of workers and capital

18) True

19) True

20) True (working abroad)