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

In 1973,the Club of Rome published a book titled The Limits to Growth,which predicted that economic growth would likely end in high-income countries because of

The industrialized group of countries has growth rates that are consistent with the findings of the economic growth model.That is,Taiwan,Korea,and Singapore had ________ incomes in 1960 than the United States and Switzerland,and Taiwan,Korea,and Singapore grew ________ than the United States and Switzerland between 1960 and 2010.

The U.S.economy has seen a faster increase in productivity since the mid-1990s as compared to the economies of many Western European countries.Which of the following explains this?

The economic growth model predicts that

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.If the number of hours worked in the labor force does not change,what does this information tell you about the slope of the per-worker production function in this range?

If real GDP per capita in the United States is $8,000,what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%?

The purchase of stocks and bonds issued in another country is known as foreign direct investment.

An increase in ________ shifts the production function ________,and makes it possible to produce a higher level of GDP with ________ capital per hour worked.

Which of the following best explains why productivity growth in the United States has been faster than in other leading industrialized nations?

The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s,but eventually this growth slowed.Why did this occur?

Which of the following is not an explanation for the revival in the growth of productivity starting in the mid-1990s?

The Industrial Revolution began in

If real GDP per capita in Ireland is estimated to be $7,400 in 2016,what will real GDP per capita be in 2021 if real GDP per capita grows at an annual rate of 2.8%?

Firms free ride on the research and development of other firms when they

Productivity gains in the United States since 1990 have been ________ productivity gains in other leading industrial nations.

During which of the following periods was growth in GDP per capita the strongest?

Technological improvements are more likely to occur if

The Soviet Union's economic growth rate slowed despite rapid increases in capital per hour worked.

According to new growth theory

High-income countries have ________ and ________ as compared to developing countries.