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

Recent rapid economic growth in India and China has reduced the amount of "brain drain" in those countries.

Which of the following countries actually experienced negative economic growth from 1960 to 2014?

Using the points on the diagram below, identify which combinations of these points illustrate diminishing returns to capital. Give a brief explanation to support your answer.

High-income countries have growth rates that are consistent with the catch-up prediction in economic growth models. That is, Taiwan, Korea, and Singapore had ________ incomes in 1960 than the United States and Switzerland, and Taiwan, Korea, and Singapore grew ________ than the United States and Switzerland between 1960 and 2014.

Table 22-4 -Refer to Table 22-4. In the table above, which countries are consistent with the predictions of the economic growth model?

What is the difference between foreign direct investment and foreign portfolio investment?

The Soviet Union consistently increased the amount of capital available to its workers, but found that increases in capital resulted in progressively smaller and smaller increases in GDP per worker. This phenomenon is referred to as

In the long run, small differences in economic growth rates result in small differences in living standards.

GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The percentage change in GDP was

Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s

Countries that are more globalized tend to have

Most of the countries of Africa are considered newly industrializing countries.

Relative to productivity growth in the United States, which of the following countries experienced the largest decline in productivity growth from 1990 to 2016?

Explain how advances in technology are critical to sustaining economic growth, even if capital per hour worked is consistently increasing. Provide a graph of a per-worker production function to illustrate how increases in capital per hour worked, without advances in technology, are not enough to sustain economic growth.

When firms benefit from the results of research and development they didn't pay for, we say firms

Why do some firms choose not to file for a patent and instead try to keep the results of their research a trade secret?

Explain how market economies are generally better able to achieve technological progress than are centrally planned economies.

Which of the following best explains why productivity growth in the United States has been faster than in other leading industrialized nations?

Some economists argue that the higher productivity growth that began in the mid-1990s is based on the development of

If GDP per capita rises by 2% between 2017 and 2018, which of the following is necessarily true?