Exam 23: Economic Growth: Theory and Policy

For a given technology and a given labor force, labor productivity will be ____ when the capital stock is ____.

Which of the following was not a factor in Japan's post-World War II economic success?

In order to improve living standards for future generations, the economy must

Higher rates of productivity growth are most closely associated with higher rates of

On a graph with time on the horizontal axis and real GDP per capita on the vertical axis, the income levels of poorer countries are

Which price would you expect to rise the most in a high-income growing economy?

Which furniture production process would have the highest production function?

Higher corporate profit taxes stimulate capital formation in the private sector.

In 2008-2009, the U.S. economy provided a

Factories, production equipment, and machinery refer to a nation's

The lack of a universal productivity effect of higher education was demonstrated by the experience of

The definition of human capital refers to

Which of the following was not a factor that contributed to improved productivity from 1995 to 2009?

The improvement in the traditional way things are done is the act of

As the economy becomes more technologically sophisticated, the wage premium can be expected to

According to the convergence hypothesis, countries with rapid GDP growth

Governments in market economies usually have significant control over

The type of human capital formation that occurs in the business sector is called

Compared to the 1948 - 1973 period, the period from 1973 to 1995 can be characterized as a period of

When the economy devotes more of its resources to investment goods, it must devote fewer resources to consumer goods.