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

Over the last three decades in the United States,services have become a smaller fraction of GDP relative to goods.

Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world?

During which of the following periods was growth in GDP per capita the strongest?

GDP in a country grew from $10 billion to $14 billion over the span of 5 years.The percentage change in GDP was

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

Paul Romer,an economist at Stanford University,is most closely associated with what economic theory?

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.

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?

Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s

In a small Asian country,it is estimated that changing the level of capital from $8 million to $12 million will increase real GDP from $4 million to $6 million.What level of GDP would you expect the economy to be able to reach if spending on capital continued to rise to $16 million,assuming no technological change and no change in the hours of work?

Until recently,many developing countries

Technological improvements are more likely to occur if

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.

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 economic growth model

The rapid growth of China's economy relative to the United States has benefitted U.S.consumers because

Starting at point B in the diagram below,identify which combinations of points illustrate technological change.Give a brief explanation to support your answer.

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?

If a country's real GDP is rising by 2% per year while its population is rising at 7% per year,which of the following is true?

To what do economists attribute the rapid growth of labor productivity in the United States relative to other countries?