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

The per-worker production function shows the relationship between ________ per hour worked and ________ per hour worked,holding ________ constant.

Knowledge capital is nonrival in the sense that

Robert Lucas,a Nobel laureate in economics,argues that there are increasing returns to

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.

In the long run,a country will experience an increasing standard of living only if it experiences

When additions of input to a fixed quantity of another input lead to progressively smaller increases in output,we say we are facing

Which of the following accurately describes the impact of the rule of law on a country's economic growth rate?

GDP in a country grew from $10 billion to $14 billion over the span of 5 years.The average annual growth rate of GDP was

An economic growth model explains

According to the text,there are three ways the government can help increase the accumulation of knowledge capital.What are they?

Figure 11-4 -Refer to Figure 11-4.Suppose the per-worker production function in the figure above represents the production function for the U.S.economy.If the United States decided to cut its support of university research in half,this would cause a movement from

The question of whether economic growth is desirable is a positive question,easily settled by economic analysis.

Which of the following best explains why productivity growth in the United States has been faster than in other leading industrialized nations?

Empirical evidence from 1960 to 2014 shows that convergence in economic growth is occurring in which of the following cases?

Which of the following is not one of the three sources of technological change?

The developing countries have been catching up to the lower-income industrial countries in terms of real GDP per capita.

Some economists argue that the higher productivity growth that began in the mid-1990s is based on the development of

Because of diminishing returns,an economy can continue to increase real GDP per hour worked only if

Human capital refers to the percentage of the working-age population in the labor force.

Growth in the United States from 1800 to 1900 can be characterized as