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

Table 22-7 Country Real GDP per Capita in 1960(1996 dollars) Growth in Real GDP per Capita 1960-2000 India \ 847 4.70\% Bangladesh 1,057 1.45\% Honduras 1,700 0.50\% Bolivia 2,353 0.38\% Belgium 7,778 5.02\% France 7,824 4.53\% Canada 10,383 3.88\% Denmark 10,988 3.47\% -Refer to Table 22-7.Consider the statistics in the table above in describing the following industrialized and developing countries.Are these consistent with the economic growth model? Briefly explain.

Which of the following has been suggested as reasons for Mexico's slow economic growth?

How does government support of health and education programs foster economic growth?

In the early 1900s,Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line.What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?

If the Commerce Department adjusts the growth rate of GDP downward for the first quarter of 2016,and the Bureau of Labor Statistics adjusts the number of hours worked upward for the first quarter of 2016,what will the Bureau of Labor Statistics do in terms of revising the figures on the growth rate of labor productivity for the first quarter of 2016?

Developing countries with low saving rates and poor levels of health and education are likely to experience

One of the primary reasons that Mexico has experienced relatively low rates of economic growth is that for Mexican entrepreneurs

According to new growth theory

Of all industrialized nations,real GDP per capita was the highest in Japan in 2014.

Political stability is not a prerequisite to economic growth.

An explanation for the productivity slowdown from 1974 through 1995 is

How do government policies that enforce property rights affect economic growth?

Figure 22-1 -Refer to Figure 22-1.Technological change is illustrated in the per-worker production function in the figure above by a movement from

Knowledge capital is nonrival in the sense that

How do economic growth rates affect a nation's standard of living?

An economy that grows too slowly fails to raise living standards.

In a small Asian country,it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600.Based on this information,what is the slope of the per-worker production function in this range?

By offering more generous unemployment insurance programs,European countries can expect

For how long does a patent give a firm the exclusive legal right to a product?

Disease,poor nutrition,and substandard health care in developing nations can reduce growth in an economy by