Exam 7: Economic Growth: Theory and Policy

The Human Genome Project is a useful example of

The "cost disease of personal services" phenomenon helps explain why medical care has become so expensive.

Human capital differs from physical capital in that

College tuition costs have risen faster than prices in general from 1979 to 2009.

The poorest countries in Africa have some of the highest growth rates,thus proving the convergence hypothesis.

The financing of investment spending is often made possible by

A nation's supply of capital refers to its level of

Compared to workers in richer countries,workers in developing countries have

What determines the productivity growth rates of a country?

Lower levels of education and training are often associated with low levels of

Low levels of sales that cause low levels of investment spending is an example of a

For a given technology,a higher capital stock will decrease labor productivity.

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

Increases in the supply of scientists and engineers can increase the level of

In the United States,the wage premium for college education has been

In contrast to richer countries,most residents of poorer nations will have

Over long periods of time,labor productivity growth rates must differ by at least ____ percent to yield significant differences in standards of living.

Because the Soviet Union educated more scientists and engineers than the United States,their level of economic growth was higher.

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

All increases in the level of human capital take place in schools.