Exam 7: The Wealth of Nations and Economic Growth

_____ is the knowledge and skills that a worker needs to understand to make productive use of technology,whereas _____ is knowledge about how the world works that is used to produce goods and services.

Which of the following is an ultimate cause of economic growth among countries around the world?

Suppose a country's annual growth rate of real GDP per capita is approximately 2%.By which year would the country double its real GDP per capita from $10,000 in 1950 to $20,000?

Use the following to answer questions Figure: Economic Growth in Major World Regions -The United States and Western European countries began to experience accelerated economic growth during which century?

China,currently a very poor country in terms of GDP per capita,is growing at an average annual rate between 7% and 8%.

Property rights that are not well-defined encourage:

Competitive markets are not important for economic growth as long as the government enforces private property rights.

Data in the textbook show that life expectancy rises and infant mortality falls with higher real GDP per capita.Explain why this is the case.

Which of the following would be most effective in reducing "free riding" in a communal farming system?

List the causes of growth from the "ultimate" to the "immediate" causes.

Beginning in the _____ century,economic growth became a clear trend in parts of the world.

For most of recorded human history,long-run economic growth was:

The origins of institutions that lead to economic growth are well-known.

Corruption is like a "tax" on firms because:

Institutions:

Development of new computer software that increases productivity is an example of:

Corruption causes investment in physical capital to:

At an annual growth rate of 1.4%,approximately how long does it take for real GDP per capita to increase from $30,000 to $60,000 in a country?

Around the world,about one _____ people have incomes of less than $2 per day.

China's recent growth miracle is a result of its openness to foreign investment and willingness to accept foreign aid.