Exam 6: Long-Run Economic Growth: Sources and Policies

Which of the following is not a reason why the Industrial Revolution occurred when and where it did?

Refer to Figure 6.1 for the following questions. Figure 6.1 -The movement from A to E in Figure 6.1 illustrates:

Refer to Figure 6.1 for the following questions. Figure 6.1 -In Figure 6.1, more capital per hour worked is shown by the movement from:

Globalisation is defined as: the process of countries becoming ________ open to foreign investment and ________ open to foreign trade.

Economist Paul Romer argued that:

Although there are many benefits of globalisation for developing countries, what are some of the reasons given by people who do not support it? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Refer to Figure 6.1 for the following questions. Figure 6.1 -The movement from A to B to C in Figure 6.1 illustrates:

The enforcement of property rights is desirable but not essential to long-term economic growth.

In the long run, _________ differences in GDP per capita are the result of _______________differences in economic growth rates.

What are the three common ways of classifying the world economies based on their level of economic development? _____________________________________________________________________________________________ _____________________________________________________________________________________________

What is the result of a lack of investment in strong education and health care systems?

Economically, the best measure of a country's standard of living is:

Globalisation is positively associated with:

Which of the following describes the Soviet Union's economy between 1950 and the 1980s?

The purchase of shares and bonds issued in another country is known as 'foreign direct investment'.

Consider the statistics describing the following industrialised and developing countries in the following table: Are these consistent with the economic growth model? Briefly explain. _____________________________________________________________________________________________ _____________________________________________________________________________________________

________ is considered a newly industrialised country, ________ a developing country, and ________ a high income country.

Technological change causes a movement along a per-worker production function.

GDP in a country grew from $10 billion to $14 billion over the span of five years. The average annual growth rate of GDP was:

Corruption: