Exam 11: 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

One of the results of Paul Romer's new growth theory is that investment in research and development will be too low in an economy.Explain how he comes to this conclusion.

New growth theory states that increases in ________ capital will result in ________ at the ________ level.

Enforcing property rights in an economy will

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

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

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

Knowledge capital is

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 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.

According to the text,there are three ways the government can help increase the accumulation of knowledge capital.What are they?

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

Growth in real GDP per capita for the world economy was greatest during

Technological change is the key to sustaining economic growth.

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

Under the Soviet system of communism,

If the slope of the per-worker production function is 1/2 in a given range,how will a $10,000 increase in capital per hour worked affect real GDP per hour worked in the same given range?

Use production functions from the economic growth model to explain why the United States grew at a much faster rate than the Soviet Union in the latter half of the 20th century.

One drawback of the patent system is that firms must disclose to the public information about the product or process.

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?