Exam 11: Long-Run Economic Growth: Sources and Policies

Using the points on the diagram below,identify which combinations of these points illustrate diminishing returns to capital.Give a brief explanation to support your answer.

For how long does a patent give a firm the exclusive legal right to a product?

Because of diminishing returns to capital,further increases in the quantity of capital in China would be represented as ________ the Chinese production function.

Georg,a German citizen,just purchased 10 shares of stock in Microsoft,a U.S.company.This purchase is an example of

New growth theory

Given the fact that the productivity slowdown of the mid-1970s to the mid-1990s affected all industrial countries,which of the following explanations for the productivity slowdown in the United States is not likely to be correct?

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

The U.S.economy has seen a faster increase in productivity since the mid-1990s as compared to the economies of many Western European countries.Which of the following explains this?

How can economic growth help a country combat "brain drain"?

What's the difference between foreign direct investment and foreign portfolio investment?

In a small Asian country,it is estimated that changing the level of capital from $8 million to $12 million will increase real GDP from $5 million to $6 million. If the number of hours worked in the labor force does not change,what does this information tell you about the slope of the per-worker production function in this range?

Which of the following is not a reason why China is unlikely to maintain high enough rates of productivity growth to catch-up with the standard of living in the United States?

Explain the meaning of the word "convergence" in the context of economic growth and standards of living.

Figure 22-2 -Refer to Figure 22-2.Using the per-worker production function in the figure above,the largest changes in an economy's standard of living would be achieved by a movement from

When firms benefit from the results of research and development they didn't pay for,we say firms

Use production functions from the economic growth model to explain why the United States grew at a much faster rate than the Soviet Union in the latter half of the 20th century.

Entrepreneurship in China is

Table 22-4 -Refer to Table 22-4.Consider the statistics in the table above in describing the developing countries.Are these consistent with the economic growth model? Briefly explain.

In 2010,South America had a lower average GDP per capita than any other continent.

During which of the following periods was the U.S.growth rate the slowest?