Exam 9: Economic Growth and Rising Living Standards

Which of the following helps explain low growth rates of many less developed countries?

Human capital is the equipment and machinery used directly by workers.

One of the main reasons that Malthus' prediction of repeated wars and famines did not come true is

If the rate of technological change increases,the result will be that

In some developing countries,labor productivity has remained stagnant or fallen because

Over the past thirty years in the U.S. ,increases in labor demand have been __________ than increases in labor supply so that wages on average have __________.

Which of the following would best encourage investment in human capital?

Which of the following would shift the production function downward?

-Refer to Figure 9-15.What causes the supply to change from S₁ to S₂ at the same time demand changes from D₁ to D₂?

The skills and knowledge possessed by workers are referred to as

The most important macroeconomic goal is

Technological change moves the economy upward along the existing production function,thereby increasing productivity and living standards.

Everything else equal,an increase in the supply of loanable funds will

Rich countries (measured by GDP per capita)tend to have __________ infant mortality rates,__________ life expectancies at birth,and __________ adult literacy rates than poor countries.

If households experienced greater uncertainty about their economic future,which of the following would occur in the market for loanable funds?

An increase in the demand for loanable funds will,everything else equal,

-Refer to Figure 9-5.An increase in the supply of loanable funds from S₁ to S₂ will,everything else equal,

Over the last 50 years or so,the rate of growth of average working hours has been mostly negative.

If labor demand increases,the market wage rate will

In which of the following situations would the average standard of living rise?