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

Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?

List four types of government policies which can aid economic growth.

Article Summary Due to political,economic,demographic,and cultural reasons,North Africa is experiencing an exodus of some of its brightest students.Limited job opportunities for the young,as well as limited space and poor facilities at universities,have pushed academics abroad for a growing number of North African students.Although this brain drain is leaving the region with a shortage of young,trained professionals,some students have chosen to return home following their graduation,while others who remain abroad send money home to families.Researcher Samia Nour found that these financial remittances from abroad equal the total amount of foreign direct investment for the region.The governments of North Africa have begun to realize the unsustainability of this brain drain,and have enacted policy which requires students with scholarships to return home to work following graduation or else repay all costs of their education. Source: Johan Savstrom,"'Brain drain of North African scholars," Nordic Africa Institute,June 13,2017. -Refer to the Article Summary.If,after the outflow of students in North Africa,it now takes more capital per hour worked to get the same amount of GDP per hour worked,this indicates ________ the per-worker production function in the North African region.

Table 11-7 -Refer to Table 11-7.Consider the statistics in the table above in describing the following industrialized and developing countries.Are these consistent with the economic growth model? Briefly explain.

Which of the following policies is designed specifically to directly promote technological change in an economy?

Which of the following explains the ability of the U.S.economy to avoid diminishing marginal returns and experience accelerating growth in the early to mid-20th century?

The Industrial Revolution began in

Which of the following is an example of foreign portfolio investment?

Which of the following would you expect to result in faster economic growth?

By offering less generous unemployment insurance programs,the United States can expect

________ save a ________ of their income.This ________ capital in their economy and raises economic growth.

Enforcing property rights in an economy will

In a small Asian country,it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600.Based on this information,what is the slope of the per-worker production function in this range?

New growth theory states that increases in ________ capital will result in ________ at the ________ level.

Suppose that an increase in capital per hour worked from $15,000 to $20,000 increases real GDP per hour worked by $500.If capital per hour worked increases further to $25,000,by how much would you expect real GDP per hour worked to increase if there are diminishing returns?

Figure 11-1 -Refer to Figure 11-1.Many countries in Africa strongly discouraged and prohibited foreign direct investment in the 1950s and 1960s.By doing so,these countries were essentially preventing a moment from

The growth rate of real GDP per capita in Mexico was negative in which of the following time periods?

Growth in real GDP per capita for the world economy was greatest during

Table 11-5 -Refer to Table 11-5.Consider the statistics in the table above in describing the industrialized countries.Are these consistent with the economic growth model? Briefly explain.

Which of the following statements related to productivity growth in China is true?