Exam 6: Economic Growth

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

Labor productivity has grown at almost the same rate each year over the last 40 years in the United States.

According to empirical evidence,

An increase in labor productivity

ʺAccording to the neoclassical growth theory, national incentives to save, invest, accumulate human capital, and develop new technology influence the countryʹs growth rate of real GDP.ʺ Comment on the accuracy of the previous statement.

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

Moving along the aggregate production function shows the relationship between __________, holding all else constant.

-In the above figure, at a wage rate of $20 per hour,

Classical economists believed that

Neoclassical growth theory is based on the proposition that real GDP per person grows when

If the real wage rate is such that the quantity of labor supplied equals the quantity of labor demanded,

Suppose the money wage rate and the price level both fall by 5 percent. As a result,

-The figure above shows the U.S. production function. From 1986 to 2008 the United States experienced major advances in technology as well as an increase in the working -age population. The combined effect can best be shown by a

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

Of the three economic growth theories, which is the most optimistic about the chances of real GDP per person growing indefinitely? Which is the most pessimistic? What accounts for the differences?

The real wage rate equals

If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is )

ʺPremier Liu Chao-shiuan announced Tuesday a government plan to distribute NT$82.9 billion US$2.51 billion) in consumption coupons to Taiwanʹs citizens in a bid to stimulate ... economic growth.ʺ

Which of the following is NOT an important factor affecting growth in labor productivity?

The United States had the largest real GDP per person until the 2009 when the Chinaʹs real GDP per person overtook and then exceeded that in the United States.