Exam 8: A: Economic Growth

If an economy has 2,000 workers with each working 3,000 hours per year and the average real output per worker-hour is $10, what is real GDP?

Define worker-hours and labour productivity.What factors are behind labour productivity?

Offer a skeptical perspective on the economics of the recent increase in the average rate of Productivity Growth.

How might poorer nations catch up to richer countries in terms of GDP per capita?

Summarize the four supply factors in economic growth.

Define modern economic growth.When did it seem to start?

Does the recent increase in the average rate of Productivity Growth mean that the downward trends of the rate of economic growth will not occur in the future?

Use the diagram below to answer the questions.(a) If the economy's production possibilities curve is shown by curve AB, then draw in a new curve, which indicates positive economic growth.(b) If the economy illustrated by production possibilities curve AB is producing at point 4, what economic problem does this represent for this economy? (c) What are some of the factors, which could cause a shift from AB to EF?

Which is more important-the quantity of inputs or the productivity of inputs-as a source of economic growth in Canada? Explain.

Explain the demand factor in economic growth.

Summarize the anti-growth view of economic growth.

Aside from increases in labour and capital inputs, what accounts for economic growth in Canada?

What is meant by economies of scale and what is the importance of this concept to economic growth?

List some of the institutional structures that economic historians believe promote and sustain modern economic growth.

Suppose an economy's real GDP is $700 billion in year 1 and $718 billion in year 2.What is the growth rate of its GDP?