Exam 8: Us Productivity and Growth

Basic research is conducted primarily by manufacturing industries.

The cumulative power of productivity growth:

Since 1990,a major industrial country with the lowest growth rate in per capita GDP has been _____.

Which of the following would increase labor productivity?

The figure below shows three different per-worker production functions: PF₁,PF₂,and PF₃.If PF₁ is the initial per-worker production function,which of the following reflects the impact of an increase in the level of technology?

Since 1870,U.S.labor productivity growth has averaged roughly 2.1 percent annually.

If the growth rate of employment is positive but labor productivity remains unchanged,which of the following is likely to happen?

_____ had the highest level of per capita real output in 2012.

Which of the following factors pushes the per-worker production function of an economy downward?

Technological change creates long-term hardships for workers with specialized skills.

The rules of the game refer to:

Human capital includes the machinery,equipment,and other manufactured creations used to produce goods and services.

Applied research:

Which of the following is an example of industrial policy?

Industrial policy involves governments using taxes,subsidies,and regulations to nurture the development of specific industries.

Which of the following countries has the highest output per capita?

In the long run,the economy needs applied research geared toward specific products more than it needs basic research,which is not motivated by or directed toward manufacturing.

Which of the following is not included in the rules of the game?

_____ is an important determinant of its standard of living in the long run.

Over the long run,technological change increases both labor productivity and unemployment rates.