Exam 9: Long-Run Economic Growth

Use the following to answer questions : Scenario: Growth Rates in Two Countries India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. -(Scenario: Growth Rates in Two Countries) Look at the scenario Growth Rates in Two Countries. How long will it take India to double its real GDP per capita?

According to the convergence hypothesis, the richest countries have the fastest growth rate of real GDP per capita.

Which of the following is NOT part of infrastructure?

In 1820, Mexico had a higher real GDP per capita than Japan. Yet now Japan is one of the richest countries in the world and Mexico is poor. Japan's high rate of economic growth can be explained by all of the following EXCEPT a high:

The most important driver for economic growth appears to be:

Which country had the fastest growth rate of real GDP per capita between 1980 and 2010?

Suppose that South Korea is growing at 7% per year and is producing real GDP per capita of about $28,000, while Norway is growing at 3.5% per year and is producing real GDP per capita of $56,000. If all else stays equal, the real GDP per capita for these two countries will converge in:

Suppose that country A has a domestic savings rate of 3%, while country B has a savings rate of 8%. Which country is likely to have the higher rate of economic growth? Why?

Sub-Saharan Africa is so poor mainly because:

In 1820, Mexico had a somewhat higher real GDP per capita than Japan, but today Japan's is higher than Mexico's.

According to the rule of 70, if a country doubles its real GDP per capita every 20 years, that country must be growing at an annual rate of:

Which of the following will NOT increase labor's productivity?

Long-run economic growth depends almost entirely on:

One factor frequently cited for slow growth in India until the 1990s is:

A cap and trade system:

Long-run economic growth has been mostly dependent on:

When the government invests resources in a nation's educational system, it is investing in:

Use the following to answer questions : -(Table: Kenya's Economy in 2010) Look at the table Kenya's Economy in 2010. The population at the end of 2010 was about:

The standard of living in a country can be best measured by:

Long-run economic growth will be sustainable: