Exam 6: Economic Growth

According to Robert Solow's one- third rule, if both capital per hour of labor and real GDP per hour of labor grow by 3 percent a year, then we can conclude that

The supply of labor curve is

What are the sources of human capital?

A key assumption of new growth theory is that

The real wage rate measures the

All of the following would increase the growth rate of the economy EXCEPT

An increase in saving that leads to more capital accumulation labor productivity.

Describe ways that governments can promote faster economic growth.

Between which pair of countries or continents listed below has real GDP per person converged the most since 1960?

New growth theory proposes that real GDP per person grows because of and that growth )

Labor productivity .

Which of the following is one of the suggested means of increasing the rate of growth of capital per hour of labor or increasing the pace of technological change?

New growth theory economists believe that: I. Economic growth can continue as long as we keep finding new ideas. II. The marginal product of capital diminishes very rapidly, so we must rely upon technological ad to create economic growth.

Faster long- term growth can be achieved by discouraging saving and encouraging consumption.

During the 1990s, which of the following experienced the slowest rate of growth in real GDP per person?

According to the new growth theory, firms are more likely to devote funds to research and development when

In 2008, of the following _ _ had the highest real GDP per person.

How has U.S. real GDP per person changed over the last 100 years?

Growth accounting breaks the growth rate of real GDP into which of the following components?

During the later half of the 20th century, which of the following had the lowest level of real GDP per person?