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

Figure 22-3 -Refer to Figure 22-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?

Which of the following government provisions would help increase the accumulation of knowledge capital?

Paul Romer, an economist at Stanford University, is most closely associated with what economic theory?

If real GDP per capita in the United States is $8,000, what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%?

Countries that are more globalized tend to have

Productivity gains in the United States since 1990 have been ________ productivity gains in other leading industrial nations.

According to a study by economists Raymond Fisman and Edward Miguel, as the ________ increases, so does the number of parking violations by the country's United Nations delegates.

Which of the following advances contributed to the "new economy" of the mid-1990s?

________ is considered a high income country, ________ a developing country, and ________ a newly industrializing country.

GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The percentage change in GDP was

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.

Table 22-3 -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?

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?

The "new economy" that emerged in the mid-1990s is based on

Because knowledge capital is nonexcludable and nonrival, firms have an incentive to ________ the research and development of other firms.

An economic growth model explains

Table 22-3 -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 a normative statement about economic growth?

Which of the following is not an explanation for the revival in the growth of productivity starting in the mid-1990s?

Figure 22-1 -Refer to Figure 22-1. 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