Exam 19: Economic Growth, Productivity, and Living Standards

Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.

An example of a government policy to increase physical capital formation is:

If average labor productivity in two countries is the same, average living standards will be higher in the country with:

To increase future living standards by pursuing higher current rates of investment spending, an economy must:

In order to promote growth through increased quantities of physical capital, governments must promote:

A government policy of providing free public education is an example of a policy to promote economic growth by:

People who run businesses on a day-to-day basis are called:

The quantity and quality of human capital, physical capital, technology, natural resources, entrepreneurship, and the legal and political environment determine the:

Sharing the results of applied research conducted under government sponsorship with the private sector, such as the development of the Global Positioning System (GPS), is an example of a government policy to promote economic growth by:

An example of a government policy to provide a framework within which the private sector can operate productively is:

Most economists agree that ________ are the single most important source of productivity improvements.

If you left $2,500 on deposit with a bank promising to pay you a 6 percent compound annual rate of interest, then after 50 years your deposit would be worth approximately:

In Econland, 500,000 of the 2 million people in the country are employed. Average labor productivity in Econland is $15,000 per worker. Real GDP per person in Econland totals:

Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much more will be in your account if the interest rate is 6 percent rather than 5 percent?

The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:

An example of a government policy to enhance technological progress is:

An example of a government policy to provide a framework within which the private sector can operate productively is:

A government policy to build bridges and dams is an example of a policy to promote economic growth by:

Well-defined property rights:

The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals: