Exam 11: Long-Run Economic Growth: Sources and Policies

Foreign investment can give a low-income country

Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?

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?

Which of the following countries had the highest GDP per capita in 2014?

When additions of input to a fixed quantity of another input lead to progressively smaller increases in output,we say we are facing

Which of the following policies would not help promote economic growth?

An economy can improve its standard of living by

How can freedom of the press promote economic growth?

The rate of growth of productivity in the United States was positive during the 20th century.

The Industrial Revolution

Figure 11-4 -Refer to Figure 11-4.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

Compared to the previous 20 years,productivity growth in the United States increased between 1996 and 2014.

A copyright grants the creator of a book,film,or piece of software exclusive legal rights to use the creation for how long?

High-income countries are also referred to as

Would you expect to see higher or lower growth rates for countries that start out with a relatively low level of real GDP per capita? Explain using the concept of "catch-up" and support your answer with a graph.

Figure 11-4 -Refer to Figure 11-4.Many countries in Africa strongly discouraged and prohibited foreign direct investment in the 1950s and 1960s.By doing so,these countries were essentially preventing a moment from

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

Increasing the growth rate of GDP per capita and sustaining this growth rate in an economy can

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?

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.