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

The rapid growth of the Chinese economy should

Under the Soviet system of communism

Technological change will

Figure 22-2 -Refer to Figure 22-2.Assuming no technological change,if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016,we would expect to see

Georg,a German citizen,just purchased 10 shares of stock in Microsoft,a U.S.company.This purchase is an example of

Globalization is defined as the process of countries becoming ________ open to foreign trade and ________ open to foreign investment.

In the United States,the number of hours worked per person has decreased since 1800.How would growth rates since 1800 be different if they were calculated for real GDP per capita instead of GDP per hour worked?

Which factors explain labor productivity?

Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C.and 1300 A.D.?

Figure 22-4 -Refer to Figure 22-4.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

From 1990-2014,productivity growth in the United States was ________ the growth rates of other high-income countries.

In 2014,South America had a lower average GDP per capita than any other continent.

Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?

In the long run,________ differences in economic growth rates result in ________ differences in GDP per capita.

Article Summary Due in part to a lackluster economy,Mexico is experiencing an exodus of some of its brightest and most educated citizens.More than 20 percent of Mexicans with bachelor's degrees are living in the United States,28 percent working on higher education degrees are doing so in the United States,and 27 percent of Mexicans with doctorates are working in the United States.The three main reasons given for this exodus are money,politics,and safety.Pay gaps are wide between university positions in the two countries,scholarship money is scarce in Mexico and is subject to political bureaucracy and nepotism,and a 2014 study from Mexico's National Autonomous University reported that 76 percent of high-skilled workers stated that violence was a reason for their departure from the country. -Refer to the Article Summary.In Mexico,many educated workers are leaving the country,but in some countries,less-educated workers are the primary workers who leave.Should an outflow of workers leave a country with a smaller but more productive workforce and the capital per hour worked does not change,there would be ________ the per-worker production function in that country.

Table 22-5 Country Real GDP per Capita in ( dollars) Growth in Real GDP per Capita 1960-2000 Belgium \ 7,778 5.02\% France 7,824 4.53\% Canada 10,383 3.88\% Denmark 10,988 3.47\% -Refer to Table 22-5.Consider the statistics in the table above in describing the industrialized countries.Are these consistent with the economic growth model? Briefly explain.

Between 1990 and 2014,which of these leading industrial countries of the world had the highest average annual growth rate in GDP per capita?

Countries that are more globalized tend to have

In the long run,a country will experience an increasing standard of living only if it experiences

Despite the improvements in information technology,productivity growth since 2006 has fallen to an even lower rate than during the period of slow growth from the mid-1970s to the mid-1990s.