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

If real GDP in the United States is growing at an annual rate of 3.2% per capita and Bolivia's real GDP per capita is growing at a rate of 1.3%,which of the following would we expect in the long run? Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia.

Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s,

The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as

Figure 11-4 -Refer to Figure 11-4.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

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?

What is human capital?

Which factors explain labor productivity?

Which of the following government policies would most likely result in an increase in economic growth?

Some economists argue that the productivity slowdown from mid-1970s to mid-1990s actually didn't happen,but just "appeared" to happen because

Figure 11-1 -Refer to Figure 11-1.Technological change is illustrated in the per-worker production function in the figure above by a movement from

New growth theory

How can economic growth help a country combat "brain drain"?

Knowledge capital is ________ in production and ________.As a result,firms ________ free ride.

How do government policies that enforce property rights affect economic growth?

The key factors in raising standards of living in low-income countries have been increases in

The United States

In a small Asian country,it is estimated that changing the level of capital from $8 million to $12 million will increase real GDP from $4 million to $6 million.What level of GDP would you expect the economy to be able to reach if spending on capital continued to rise to $16 million,assuming no technological change and no change in the hours of work?

An economy that grows too slowly fails to raise living standards.

How can freedom of the press promote economic growth?

The developing countries have been catching up to the lower-income industrial countries in terms of economic growth.