Exam 7: Economic Growth

Cross-country comparison of GDP per capita between 1960 and 2010 shows that countries such as ________ have grown at negative rates during this period.

A ________ traces out the behavior of the economy over time.

Decreases in the standard of living are associated with what sort of economic growth?

Which of the following statements is true of inequality in the U.S.economy?

Scenario: Consider two countries: Country A and Country B. Both countries have the identical aggregate production functions, populations, and efficiency units of labor, but they have different saving rates. The saving rate is higher in Country A than in Country B. -Refer to the scenario above.If both economies have the same depreciation rate,then which of the following statements will be true?

Scenario: In 2010, world GDP per capita was $9,500. In the same year, the Economist magazine forecast that in 2020, world GDP per capita would be $15,000 -Refer to the scenario above.The Economist magazine also forecasts that the rate of growth will remain constant through 2030.If this is correct,then world GDP per capita in 2030 will be closest to ________.

Consider two countries: Country A and Country B.Assume that both countries are identical until the year 2000.At the beginning of 2000,both countries decide to change their strategy for economic growth.Country A plans to encourage immigration and increase human capital in the economy to achieve sustained growth,while Country B decides to make large investments in R&D to achieve sustained growth.Which of the two countries is more likely to experience sustained growth and why?

Which statement about the Malthusian model is correct?

Scenario: In 2000, the GDP per capita in Ohio is $35,000. Ohio's GDP per capita is predicted to increase 3 percent per year for the next 5 years. -Refer to the scenario above.If the prediction in the scenario is correct,what will Ohio's GDP per capita be in 2005 (to the nearest thousand)?

Explain how saving equals investment in a closed capitalist economy.

While countries like Botswana and Singapore have experienced rapid growth rates since 1960,the growth of the Democratic Republic of the Congo is best described as ________.

Suppose we graphed the change in the poverty rate against the average growth rate of GDP per capita for each of the 50 U.S.states over the past century.What would we expect to find?

For the U.S.economy,on average,the growth resulting from technology is ________.

Which of the following describes the effect of the Great Depression on economic growth?

For the physical capital stock of an economy to remain constant over time,the amount of investment must ________.

GDP per capita in Fiji grew from $5,000 to $13,000 over 20 years.Its average growth rate over this time is closest to ________.

Which of the following statements is true of the U.S.economy before 1800?

Which of the following statements is true of economic growth and GDP across the world before 1800?

Which of the following is a problem associated with extreme levels of poverty?

Activities that firms,universities,and governments undertake to increase their knowledge base are referred to as ________.