Exam 9: Long-Run Economic Growth

According to the convergence hypothesis, the poorest countries have the fastest growth rate of real GDP per capita.

A reason that does NOT explain why average workers in the United States today produce more than their counterparts did a century ago is that the modern worker:

Roads, telephone lines, power facilities, and schools are examples of a nation's:

Suppose that South Korea is growing at 7% per year and is producing real GDP per capita of about $28,000, while Norway is growing at 3.5% per year and is producing real GDP per capita of $56,000. If all else stays equal, the real GDP per capita for these two countries will converge in _____ years.

There are two countries on a peninsula. The first has a per capita annual growth rate of 2%, and its neighbor to the south has an annual growth rate of 5%. How much sooner will the country in the south double its GDP per capita than will its neighbor in the north?

Holding the human capital per worker and technology unchanged, the estimated aggregate production function in Jamaica is Y / L = 50 * K / L, where Y = real output, L = number of workers, and K = quantity of physical capital. If real GDP per worker equals $3,200, physical capital per worker equals:

Human capital refers to:

According to estimates of the aggregate production function, each 1% increase in physical capital, holding human capital and technology constant, raises labor productivity by 0.33%.

A key input for measuring economic growth is:

Which sources provide funds for investment spending? I. domestic savings II) foreign savings III) consumption

In Techland, from 1980 to 2010, holding technology and human capital fixed, increasing physical capital per worker from $25,000 to $100,000 would have led to a doubling of real GDP per worker, from $40,000 to $80,000. However, not only did physical capital per worker increase from $25,000 to $100,000, but technological progress shifted the productivity curve upward so that real GDP per worker actually increased from $40,000 to $320,000. What share of the annual growth rate of real GDP per capita was attributable to increasing physical capital per worker?

India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. How long will it take the United States to double its real GDP per capita?

Reasons for which Latin American growth since the 1920s has been relatively slow do NOT include:

Economists generally agree that _____ are the BEST way for governments to reduce greenhouse gases to address climate change.

Which factor has contributed to the lack of economic growth in Africa? I. political instability II) lack of spending on education and infrastructure III) malnutrition and disease

If a country has a population of 1,000 people, an area of 100 square miles, and a GDP of $5 million, then its GDP per capita is:

Sources of funds for investment spending include both foreign and domestic savings.

The skills, training, and education possessed by workers that contribute to economic growth are known as:

Greenhouse gas emissions are an example of a:

As a result of the long-term growth between 1900 and 2010, the output per person in the United States was about twice as large in 2010 as it was in 1900.