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

The easiest way for a country to obtain access to technology is through

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.

Article Summary Unlike in many nations, when the financial crisis hit in 2008 the Polish economy continued to grow, but due to a current slowdown in exports and domestic demand, Poland is expecting a large outflow of workers. Unemployment was expected to grow to 14 percent in Poland in 2013, and according to Krystyna Iglicka, a demographer at Lazarski University in Warsaw, "…Poles have always treated emigration as a way of improving their lot." Despite earning relatively low salaries in Western European countries, on average just over €2,000 (about $2,660) a month according to the National Bank of Poland, this is still four times more than workers would earn on average by staying in Poland. Iglicka predicts that between 500,000 and 800,000 Poles will emigrate from Poland over the next five years. Source: Jan Cienski, "Poland braces for fresh exodus of workers," Washington Post, January 22, 2013. -Refer to the Article Summary.If,after the outflow of workers in Poland,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 Poland.

If GDP per capita rises by 2% between 2013 and 2014,which of the following is necessarily true?

Globalization is defined as the process of countries becoming ________ open to foreign trade and ________ open to foreign investment.

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

An explanation for the productivity slowdown from 1974 through 1995 is

Globalization is positively associated with

When an economy faces diminishing returns,

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.

Which of the following is true regarding the productivity slowdown in the United States during the mid-1970s?

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

Technological improvements are more likely to occur if

One of the results of Paul Romer's new growth theory is that investment in research and development will be too low in an economy.Explain how he comes to this conclusion.

China's economy has grown tremendously from 1979 to the present.The reason for this growth is

In the early 1900s,Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line.What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?

Globalization refers to

If the Commerce Department adjusts the growth rate of GDP downward for the first quarter of 2014,and the Bureau of Labor Statistics adjusts the number of hours worked upward for the first quarter of 2014,what will the Bureau of Labor Statistics do in terms of revising the figures on the growth rate of labor productivity for the first quarter of 2014?

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?

Figure 11-1 -Refer to Figure 11-1.Using the per-worker production function in the figure above,the largest changes in an economy's standard of living would be achieved by a movement from