Exam 9: Long-Run Economic Growth

Use the following to answer questions : Scenario: Productivity The economy has grown by 4% per year over the past 30 years. During the same period the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years. -(Scenario: Productivity) Look at the scenario Productivity. How much has growing physical capital per worker contributed as a percentage of total productivity growth?

Among the public goods important for economic growth is (are):

The main reason South Korea has grown so rapidly is that because it was so poor:

Infrastructure includes:

The aggregate production function measures productivity as:

Which of the following are sources of funds for investment spending? I. domestic savings II. foreign savings III. consumption

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. About how much will India's real GDP per capita be in 20 years?

In 1798, the Essay on the Principle of Population was published by:

Use the following to answer questions : Scenario: Productivity The economy has grown by 4% per year over the past 30 years. During the same period the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years. -(Scenario: Productivity) Look at the scenario Productivity. How much has technological progress contributed to productivity growth?

Technological progress is advanced through:

Growth accounting is a fast-growing industry that assists taxpayers in filing their taxes online.

Having achieved sustained rapid growth, Chile is an exception to the disappointing slow economic growth among most other Latin American nations.

When tracking economic growth, why do economists prefer real GDP per capita over: a. real GDP? b. nominal GDP per capita?

Today China is the fastest-growing major economy and it also:

In 2010, China saved:

All of the following are factors that drive productivity growth EXCEPT:

A nation's real GDP increased from $225 billion to $230 billion in one year. In that same year, the nation's population increased from 125 million to 126 million. a. Calculate the nation's real GDP per capita growth rate. b. If this nation maintained this growth rate, how many years would it take for real GDP per capita to double?

The aggregate production function typically increases at an increasing rate with additions to capital.

If technology advances:

Factors that influence productivity and therefore growth are: