Exam 22: Long-Run Economic Growth: Sources and Policies

Table 22-3 -Refer to Table 22-3. Use the table above to calculate the annual growth rate in GDP. Also calculate the total percentage change in the growth from 2015 through 2018. Explain the difference between the average annual growth rate in real per capita GDP from 2015 through 2018 and the total percentage change in growth from 2015 and 2018.

The period of time from 1,000,000 B.C. to 1300 A.D. was a period of

Which of the following countries had the highest GDP per capita in 2016?

According to Joseph Schumpeter, which of the factors of production is central to economic growth?

Policies to promote growth by increasing saving and investment work through

Political stability is not a prerequisite to economic growth.

The purchase by an individual or firm of stock or bonds issued in another country is called

One explanation for recent productivity growth rates appearing worse than they actually are is

New growth theory states that increases in ________ capital will result in ________ at the ________ level.

From 1990-2016, productivity growth in the United States was ________ the growth rates of other high-income countries.

If real GDP per capita in the United States is $8,000 in 2018, and if real GDP per capita is $12,000 in 2028, what is the approximate average annual percent change in the growth rate of GDP per capita between 2018 and 2028?

________ is considered a high income country, ________ a developing country, and ________ a newly industrializing country.

One reason why many low-income countries experience low rates of growth is because of low rates of saving and investment in those countries.

An economic growth model explains

If the slope of the per-worker production function is 1/4 in a given range, how will a $10,000 increase in capital per hour worked affect real GDP per hour worked in the same given range?

How does government support of health and education programs foster economic growth?

The purchase or building by a corporation of a facility in a foreign country is called

Globalization refers to

Robert Lucas argues that there are ________ returns to human capital, and these productivity increases are not completely captured by individuals as they decide how much education to purchase. As a result, the market produces ________ education and training.

The lower-income industrial countries are catching up to the higher-income industrial countries in terms of real GDP per capita.