Exam 16: Economic Growth

Which of the following stands true for factors that affect changes in productivity across countries and over time?

If real GDP in Korea amounted to 448.3 trillion wons in 1999 and 473.7 trillion wons in 2000, compute the growth experienced by this country in 2000?

Long-term economic growth requires a permanent:

Other things equal, advances in technology make resources more productive.

If real GDP remains unchanged, the population size is stationary, and people have more leisure time, then per capita real GDP will _____.

If the average annual growth rate of a developing country is 7.2 percent, real GDP will double in _____.

Suppose in an economy the total factor productivity grows by 5%. Annual growth in labor and capital stock equal 2.5% and 1.5% respectively. If the labor force receives 75% of the real GDP, calculate the annual growth in the real GDP of the economy.

Labor productivity is measured as:

Other things equal, if the labor input grows faster than total output, total factor productivity falls.

Which of the following will shift the long-run aggregate supply curve to the right?

The per capita real GDP in Srilanka is likely to be lower than the United States because Srilanka's economy is characterized by:

Which of the following is a barrier to economic growth in low-income countries?

Since the definition of economic growth does not take into account the growth of the country's population, the income of the average person in a country with high real GDP growth could be declining through time.

Which of the following is considered a determinant of economic growth?

An expansion in a country's capital stock is associated with a(n) _____.

What will be Singapore's approximate real GDP after five years if its average annual growth rate is 9.8 percent and the economy initially produces at real GDP of S$80,500 million?

U.S. labor productivity had slowed down in the 1970s and 1980s, but recent data shows that labor productivity has once again increased in the country.

As the service sector in the U.S. economy grows, traditional productivity measures will become:

Assume that the economy grows by 3 percent, total factor productivity grows by 2 percent, and the labor force grows at 2 percent. If labor contributes 40 percent to real GDP, then the stock of capital must have risen by 0.33 percent.