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

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%?

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

Explain three reasons why the productivity slowdown of 1973-1994 occurred?

Between 1990 and 2010,which of these leading industrial countries of the world had the highest average annual growth rate in GDP per capita?

Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?

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

One potential problem with the Chinese government's increases in spending on capital goods is that these increases have been achieved through

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.

Which of the following policies would not help promote economic growth?

China's economy is fueled primarily by

In a small European country,it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million.What level of GDP would you expect the economy to be able to reach if spending on capital continued to rise to $12 million,assuming no technological change and no change in the hours of work?

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 A) A to B. B) B to C. C) B to A. D) D to C.

How does government support of health and education programs foster economic growth?

The economic growth model predicts that

Relative to productivity growth in the United States,which of the following countries experienced the largest decline in productivity growth from 1990 to 2010?

Figure 22-2 -Refer to Figure 22-2.Based on the per-worker production function above,if the economy raises capital per hour worked from $35,000 to $40,000,by how much will real GDP per hour worked increase?

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

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?

Some factors currently exist that inhibit the growth rate of the Chinese economy.The main reason given is

Figure 22-1 -Refer to Figure 22-1.Technological change is illustrated in the per-worker production function in the figure above by a movement from A) A to B. B) B to C. C) B to A. D) D to C.