Exam 24: Economic Growth: Theory and Policy

Governments in market economies usually have significant control over

The act of putting a new product on the market in order to make profits is called

Private investment from a foreign country is known as

Identify the main reason to expect convergence in the long run.

A superior level of technology is an important reason the productivity of workers in rich countries is high.

Compared to the price of long-distance telephone calls, college tuition in the United States has

The application of new technology refers to

Technological change in modern societies is most likely the result of increases in

For given inputs of labor and capital, if technology is better, labor productivity will be

Because it is a market economy, in the United States all research and development is done by private business firms.

In the United States, the average level of educational attainment is approximately a

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

In contrast to poorer countries, most residents of middle-income countries will have

For a given technology and a given labor force, labor productivity will be ____ when the capital stock is ____.

The change in the contribution of capital formation was the chief cause of the productivity slowdown in 1973-1995.

From the late 1960s to the late 1980s, SAT scores in the United States

Which of the following would not be classified as capital formation?

Human capital differs from physical capital in that

The convergence hypothesis suggests that poor countries may close the income gap with rich countries.

Which of the following was not a factor that contributed to improved productivity from 1995 to 2009?