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

In a small Asian country,it is estimated that changing the level of capital from $8 million to $12 million will increase real GDP from $4 million to $6 million.What level of GDP would you expect the economy to be able to reach if spending on capital continued to rise to $16 million,assuming no technological change and no change in the hours of work?

GDP in a country grew from $10 billion to $14 billion over the span of 5 years.The average annual growth rate of GDP was

All of the following policies are ways for a country to promote long-run economic growth except

Figure 22-1 -Refer to Figure 22-1.Suppose the per-worker production function in the figure above represents the production function for the U.S.economy.If the United States decided to double its support of university research,this would cause a movement from

According to Joseph Schumpeter,which of the factors of production is central to economic growth?

To what do economists attribute the rapid growth of labor productivity in the United States relative to other countries?

Explain the meaning of the word "convergence" in the context of economic growth and standards of living.

The easiest way for a country to obtain access to technology is through

By offering less generous unemployment insurance programs,the United States can expect

Robert Lucas argues that there are ________ returns to human capital,and these productivity increases are not completely captured by individuals as they decide how much education to purchase.As a result,the market produces ________ education and training.

According to the World Bank,in 2006,China's GDP was approximately $2.7 trillion (or $2,700 billion).That same year,India's GDP was approximately $906.3 billion.With which of the following populations would China's standard of living have been considered higher than India's that year?

Small differences in economic growth rates result in small differences in living standards.

According to Nobel laureate Douglass North,one reason why the Industrial Revolution occurred in England before many other countries was because the king in England consistently maintained control over the court system and the government.

The purchase or building by a corporation of a facility in a foreign country is called

Significant economic growth did not begin in the world until

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.

Most economic growth in the world occurred between 1,000,000 B.C.and 1300 A.D.

According to Douglass North,the Industrial Revolution occurred in England because

Compared to the previous 20 years,productivity growth in the United States increased between 1996 and 2014.

Recent rapid economic growth in India and China has reduced the amount of "brain drain" in those countries.