Exam 6: Economic Growth

Since 1960, which of the following countries had average growth rates in real GDP per person higher than that of the United States?

Labor productivity, real GDP per labor hour, increases if

During 2014, the country of Economia had a real GDP of $115 billion and the population was 0.9 billion. In 2013, real GDP was 105 billion and the population was 0.85 billion. In 2013, real GDP per person was

Hu Tells Leaders China Growth Will Help World Economy Chinese President Hu Jintao told world leaders that his country "has taken an active part in the international cooperation to deal with the financial crisis'' by providing a "$586 billion economic stimulus, focused on building low-rent housing, roads, railways and airports. The package also allows tax deductions for fixed assets such as machinery to stimulate investment. Farmers will also benefit from more subsidies." Hu stated that "China is in itself an important contribution to international financial stability and world economic growth.'' www.bloomberg.com 11/15/2008 Which of the following will occur if China's spending generates economic growth in real GDP per person? i.There will be an upward shift in China's aggregate production function. ii.There will be a rightward shift in China's labor demand curve. iII.There will be an increase in the real wage.

If the price level rises by 3 percent and workers' money wage rate increase by 1 percent, then the

At the full-employment equilibrium in the labor market

Real GDP per person in the country of Flip is $10,000, and the growth rate is 10 percent a year. Real GDP per person in the country of Flap is $20,000 and the growth rate is 5 percent a year. When will real GDP per person be greater in Flip than in Flap?

Along the aggregate production function, as the quantity of labor rises, real GDP

Which of the following statements is CORRECT?

Greater labor force participation for households at higher real wage rate is one reason that

How does the new growth theory explain economic growth?

Suppose the money wage rate and the price level both fall by 5 percent. As a result

If workers' money wage rates increase by 5 percent and the price level remains constant, workers'

Suppose there is a rise in the price level, but no change in the money wage rate. As a result, the quantity of labor demanded

If the nation's capital stock increases so that workers become more productive, the

The Rule of 70 is used to

One policy that would increase the saving rate would be

An increase in saving that leads to more capital accumulation ________ labor productivity.

The quantity of labor supplied depends on the

What is the main difference between classical economists' ideas about economic growth versus what modern evidence suggests?