Exam 8: Productivity and Growth.

Which of the following is an advantage of clustering?

The only way standard of living can increase is through increases in labor productivity.

While the literacy rate exceeds _____ in industrial market economies, nearly _____ the adults in the world's poorest countries can't read or write.

One of the important points of criticism of industrial policy is that _____

The productivity of land is the most important factor that determines the standard of living of a country.

Which of the following is an advantage of clustering?

Long-term growth in production can be explained by _____

Which of the following does not contribute to an economy's standard of living in the long run?

Surgeons earn more than janitors because _____

In a typical month of expansion, the U.S. economy _____

In 2015, a major industrial country the second-ranked country with a growth rate in per capita GDP has been _____

Exhibit 8.3 -Refer to Exhibit 8.3, which shows a per-worker production function. The bowed shape of the per-worker production function illustrates the law of diminishing returns to scale.

A(n) _____ implies an increase in human capital.

Over the last century, U.S. labor productivity has _____

Research and development is most likely to have an impact on the _____

Industrial market countries make up about _____ of the world's population but produce more than _____ of the world's output.

The per-worker production function illustrates the fact that as the amount of capital per worker increases, output per worker _____

U.S. GDP per capita in 2015 was nearly _____ China's.

If Q is total real output, K is capital in use, L is labor employed, an increase in the productivity of labor would imply a(n) _____

Over the past century, the growth of labor productivity in the United States was highest in the _____