Exam 6: Economic Growth

Which of the following statements are TRUE regarding the demand for labor? I. The quantity of labor demanded depends on the real wage rate. II. If the money wage rate increases and the price level remains the same, the quantity of labor demanded decreases.

Because the United States is a developed economy, every other country is catching up to the level of U.S. real GDP per person.

An assumption of classical growth theory is that when __________the population growth rate___________

Countries or regions in which real GDP per person has not grown as fast as in the United States since 1960 include

If real GDP per person is growing at 4 percent per year, approximately how many years will it take to double?

If the price level rises by 2 percent and workersʹ money wages increase by 2 percent, then the

If the saving rate increases, a countryʹs growth rate of real GDP per hour of labor and __________capital per hour of labor __________

The Industrial Revolution in England in large was the result of

A workerʹs stock of knowledge is known as

In 2008, Armenia had a real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was $4.59 billion and population was 2.97 million. What was Armeniaʹs economic growth rate from 2008 to 2009?

Define labor productivity. Discuss the relationship between labor productivity, human capital growth, and technology change.

The curvature of the production function shows that as employment increases, the productivity of labor

-As a result of the rightward shift in the demand curve for labor from LD₀ to LD₁, the equilibrium level of employment _________and potential GDP ______.

The historical record for the United States for the past 100 years shows

An increase in physical capital or a technological advance

Because the productivity of labor decreases as the quantity of labor employed increases,

If capital per hour of labor decreases, real GDP per hour of labor

Suppose that in 2009 a country has a population of 1 million and real GDP of $1 billion. In 2010, the population is 1.1 million and the real GDP is $1.1 billion. The real GDP per person growth rate is

Real GDP per person in the country of Flip is $10,000, and the growth rate is 10 percent a year. Real GDP per person in the country of Flap is $20,000 and the growth rate is 5 percent a year. When will real GDP per person be greater in Flip than in Flap?

Strategy to Address Dependence on Foreign Workers, Labour Market Demands The prime minister of Malaysia announced his governmentʹs ʺimmediate focus would be to enhance skills development and improve the quality of education.ʺ By ʺthe constant upgrading of skills of the countryʹs workforceʺ he hoped to improve the countryʹs ʺglobal competitiveness and raise average incomes of workers.ʺ The story describes