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

If real GDP per capita in the United States is $8,000 in 2016,and if real GDP per capita is $12,000 in 2026,what is the average annual percent change in the growth rate of GDP per capita between 2016 and 2026?

Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s

The economic growth model predicts that ________ across countries will converge over time.

If a country's real GDP is rising by 3% per year while its population is rising at 5% per year,which of the following is true?

Lack of investment in strong education and health care systems

The Industrial Revolution

Figure 22-1 -Refer to Figure 22-1.Within a country,the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from

Human capital refers to the percentage of the working-age population in the labor force.

Explain how market economies are generally better able to achieve technological progress than are centrally planned economies.

Over the last three decades in the United States,services have become a smaller fraction of GDP relative to goods.

Figure 22-4 -Refer to Figure 22-4.Which of the following combinations of points illustrates changes in the Soviet Union's economy from 1950 to 1980?

If real GDP per capita in the United States is $8,000 in 2016,and if real GDP per capita is $12,000 in 2026,what is the total percent change in the growth rate of GDP per capita between 2016 and 2026?

How can economic growth help a country combat "brain drain"?

Starting at point B in the diagram below,identify which combinations of points illustrate technological change.Give a brief explanation to support your answer.

Some researchers have been unable to find evidence of increasing returns to human capital.

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?

Table 22-2 Country Population (thausands) GDP (measured in thausands af U.S. dollars) Bulgaria 7,200 \ 55,700,000 Indonesia 254,500 888,500,000 South Africa 54,000 349,800,000 Vietnam 90,700 186,200,000 -Refer to Table 22-2.Calculate the GDP per capita for each country in the table.Which country has the highest standard of living? Why?

What features made England in the eighteenth century the place where the Industrial Revolution occurred?

Draw a graph of "catch-up" that shows where you would expect to see a country with low saving rates and low levels of health and education.How would you expect real GDP per capita to grow in a country like this? Explain.

Which of the following accurately describes the impact of the rule of law on a country's economic growth rate?