Exam 22: Long-Run Economic Growth: Sources and Policies

Draw a graph of "catch-up" that shows where you would expect to see a country with low saving rates and low levels of health and education. How would you expect real GDP per capita to grow in a country like this? Explain.

Figure 22-4 -Refer to Figure 22-4. 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

Which of the following countries had the highest GDP per capita in 2012?

Most of the countries of Africa are considered newly industrializing countries.

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

Which of the following is not a reason why the Industrial Revolution occurred when and where it did?

The purchase by an individual or firm of stock or bonds issued in another country is called

The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?

Figure 22-4 -Refer to Figure 22-4. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from

If real GDP per capita in the United States is $8,000 in 2013, and if real GDP per capita is $12,000 in 2023, what is the average annual percent change in the growth rate of GDP per capita between 2013 and 2023?

The economic growth model predicts that

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

Consider two countries, Alpha and Beta. In Alpha, real GDP per capita is $6,000. In Beta, real GDP per capita is $9,000. Based on the economic growth model, what would you predict about the growth rates in real GDP per capita across these two countries?

Which of the following is an example of the way the financial markets in the United States can encourage technological progress more efficiently than other countries?

According to new growth theory, the accumulation of ________ capital is subject to diminishing returns at the ________ level, but not at the level of the economy as a whole.

According to new growth theory,

Most economic growth in the world occurred between 1,000,000 B.C. and 1300 A.D.

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

You are an economic advisor to the president. You are asked to recommend a policy to promote long-term economic growth in the economy. Which of the following policies would you choose?

What is human capital?