Exam 9: Long-Run Economic Growth

Greenhouse gas emissions are an example of a negative externality.

If real GDP grows at an annual rate of 1%, it will double in approximately _____ years.

Rising high school graduation rates are an example of an increase in:

Natural resources are:

Before the twentieth century, the MOST important determinant of productivity was:

From 2010 to 2011, nation A's real GDP increased from $100 billion to $106 billion and its population grew from 50 million to 51 million. Its annual growth rate in real GDP per capita was approximately _____%.

In the 1980s, many economists believed that one problem in Latin America was a lack of government intervention in markets and recommended that the government seize ownership of many struggling companies.

Which institution(s) is/are important for channeling savings into investment?

The BEST available measure of the standard of living in a country is:

Because of diminishing returns to capital, doubling the amount of physical capital available for one worker to use will _____ output by _____ a factor of two.

Which factor may lead to lower productivity because of a lack of incentives?

The rule of 70 indicates that a 6% annual increase in the level of real GDP would lead to the output doubling in approximately _____ years.

A negative externality is:

Economic growth is likely to entail:

Which factor has contributed to the lack of economic growth in Latin America? I. lack of natural resources II) high rates of savings that led to insufficient consumption of goods and services III) political instability

Which reason is one that can explain Latin America's lack of economic growth since 1920?

Use the following to answer questions: -(Table: Kenya's Economy in 2010) Use Table: Kenya's Economy in 2010. Aggregate output at the end of 2010, assuming no changes in the price level, was about:

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 K / L = $81, then real GDP per worker is:

Which of the following would shift the production function upward?

Between 1980 and 1994, growth rates of real GDP per capita in sub-Saharan Africa ranged from 20% to 30%.