Exam 6: Economic Growth

If the price level increases, but workers' money wage rates remain constant,which of the following is TRUE? I. The quantity of labor demanded will increase. II. The real wage rate will decrease. III. The demand for labor curve shifts rightward.

The demand curve for labor shows how many hours workers demand to work.

The real wage rate measures the

The real wage rate measures the quantity of goods and services an hour's work will buy.

Briefly explain how growth in real GDP differs across economies including the United States, Japan, Nigeria, Mexico, Hong Kong, Korea, and Singapore.

An advance in technology that results in increased productivity results in a

According to the classical growth theory of Thomas Malthus

Because the United States is a developed economy, every other country is catching up to the level of U.S. real GDP per person.

Labor productivity has grown at almost the same rate each year over the last 40 years in the United States.

According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7 percent growth in GDP since 1997. Which of the following is TRUE?

The historical record for the United States over the last 100 years shows

Which of the following directly creates growth in labor productivity? I. Growth in capital per hour of labor II. Technological change III. Population growth