Exam 24: Economic Growth: Theory and Policy

The labor productivity speed-up in the United States could be explained by a delayed

The slowing of the American economy in 2008-2009 gave businesses a strong incentive to raise capital investment.

From 1973 to 1995 the growth rate of labor productivity in the U.S.was approximately

Which retail operation would have the highest costs per book sold?

The process of research and development

All other things being equal, a greater supply of scientists and engineers will increase the level of technology.

Economists are still puzzled why growth rates in the United States fell from 1973 to 1995.

Productivity levels are higher in rich countries compared to poor countries.

A nation's supply of capital refers to its level of

The process of invention is the act of

Workforce quality arguments are very difficult to prove for the period of 1970 to 1990 because during that period SAT scores

Real wages in the United States tend to rise at the same rate as

The wage premium in the United States has risen consistently starting in

Increases in the supply of scientists and engineers can increase the level of

What is convergence hypothesis? Why should we expect convergence in the long run?

Service sector outputs could be expected to increase in price less than industrial sector outputs as an economy grows.

Higher rates of productivity growth are most closely associated with higher rates of

The new growth theory emphasizes the critical role of ____ in modern economic growth.

Compared with the U.S., developing countries

The productivity growth rates of richer countries tend to be ____ than those of poorer countries.