Exam 28: Economic Growth

(Last Word) It is expected that by 2050, most nations will have decreasing populations.With the likely decline in the labor force and number of hours of work in the economy, what must occur for real GDP to continue to rise?

The rule of 70 is used to find how long it will take an economy to grow by 70 percent.

(Consider This) According to the Consider This box about hypothetical countries Slogo, Sumgo, and Speedo, small differences in make for large differences in over several decades, assuming the same growth of population for each country.

A major effect of the rise in the rate of productivity growth in the United States is a(n)

Which of the following is correct?

Increases in the quantity and quality of human resources.Use the accompanying list to answer the following question.As distinct from the demand and efficiency factors of economic growth, the supply factors of economic growth are

The fundamental invention underpinning the 1995-2010 rise in the average rate of productivity growth is the

To fully realize economic growth through the efficiency factor, an economy must increase its stock of capital goods and improve its technology.

Which of the following statements is true about productivity growth in the United States since the Great Recession?

The significant increase in U.S.labor-productivity growth experienced in the period 1995-2010 continued to be observed in the period 2010-2015.

Human capital refers to

The Industrial Revolution and modern economic growth resulted in

If the working-age population in an economy shrinks, real GDP can still grow if

Which of the following factors has been the dominant source of economic growth in the U.S.(except in 1973-1995)?

Increases in the quantity and quality of human resources.Use the accompanying list to answer the following question.As distinct from the supply factors and demand factor of economic growth, the efficiency factor(s) of economic growth is (are)

The percentage of U.S.adults with a high school education has

One major economic benefit of global competition is

(Consider This) According to the Consider This box on patents and innovation, the cost for U.S.and European drug companies to research, patent, and safety-test a new drug is about

Suppose that an economy is initially operating at a point on its PPC.If it then experiences an expansion in its production capacity, but its total spending does not rise as fast as its capacity, the economy will end up

In 1998, living standards in the United States were nearly times higher than those in Africa.