Exam 8: Global Economic Growth and Development

According to your text, which of the following countries has experienced the highest annual per capita Gross Domestic Product (GDP)growth rate since 1970?

In the United States, the main contributor to economic growth is due to the growth in

The real GDP in a nation has just increased from $2 billion to $2.1 billion.

Economic growth is usually defined as

Suppose per capita real GDP grows by 3.5% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double (i.e., increase by 100%)?

The study of development economics is to understand

An increase in a country's saving rate will tend to cause which of the following in the long run?

Labor productivity is defined as

Which resource is the main contributor to economic growth in the United States, Latin America, and South Asia?

For developing countries, one of the more effective ways to become more developed is

The new growth theory examines the role of

New growth theory emphasizes all of the following EXCEPT

-Refer to the above table. Which country had the largest increase in per capita real GDP between 2014 and 2015?

The term "creative destruction" refers to

The reason that differences in economic growth rates are important in the long run is that

Other things held constant, higher saving rates lead to

The reason that the government offers inventors exclusive rights to their product for a period of time is to

New growth theory supports the idea that I. economic growth can continue as long as we keep finding new ideas. II. increases in human capital can lead to greater rates of economic growth.

Which one of the following is TRUE?

According to the new growth theory, economic growth will continue with