Exam 7: Economic Growth Theory And Policy

Technological change in modern societies is most likely the result of increases in

A superior level of technology is an important reason the productivity of workers in rich countries is high.

The process of innovation is the act of

In general,as productivity levels increase,the potential for productivity growth

The "cost disease of personal services" phenomenon helps explain why medical care has become so expensive.

The term "human capital" refers to how many people must work to produce a product.

The productivity slowdown in the U.S.can be explained by geographic limitations and instability in the government.

Service sector outputs could be expected to increase in price less than industrial sector outputs as an economy grows.

An increase in the number of hours worked would

The new growth theory would be most likely to lend support for increased government support for

Productivity increases are most likely to be achieved by

Which of the following would not be classified as capital formation?

For given inputs of labor and capital,if technology is more primitive,labor productivity will be

Some politicians argue that reducing the corporate income tax will increase business investment spending.

A major contributor to the slowdown in U.S.labor productivity during the 1973-1995 period was

Improvements in the level of technology will generally shift the production function downward.

In the United States,the wage rates for high school graduates are growing faster than the wage rates for college graduates.

The experience of the Soviet Union proves that higher education

Over long periods of time,labor productivity growth rates must differ by at least ____ percent to yield significant differences in standards of living.

When the economy devotes more of its resources to investment goods,it must devote fewer resources to consumer goods.