Exam 14: International Trade

The principle that if the amount of labour and other inputs is held constant,then the greater the amount of capital in use,the less an additional unit of capital adds to production is called

The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an illustration of the

Providing a constant number of workers with additional capital with which to work will __________ average labour productivity at a _________ rate.

Compound interest is

People who create new economic enterprises,or innovate new products and processes,are called

An example of a government policy to increase physical capital formation is

Entrepreneurs are people who

The growth of real GDP per person in Canada between 1961 and 2010 was the result of

The ____________ is a publicly funded international organization with a mandate to provide financial and technical assistance to low-income and middle-income countries to foster their development.

To only pursue higher rates of economic growth when the advantages of the policy outweigh the sacrifices that must be made is an example of the

An example of a government policy to provide a framework within which the private sector can operate productively is

Economies with booming natural resource sectors often see their exchange rate appreciation to the point where the competiveness of the manufacturing sector is significantly diminished.This phenomenon is known as

Countries with small amounts of capital per worker tend to have __________ levels of real GDP per person and _________ levels of average labour productivity.

Compound interest differs from simple interest because compound interest is interest paid on

Supporters of the technological depletion hypothesis suggest that ___________ account(s)for the productivity slowdown since the 1970s.

Real GDP per person in Richland is $20,000,while real GDP per person in Poorland is $10,000.However,Richland's real GDP per person is growing at 1% per year and Poorland's is growing at 3% per year.After 50 years,real GDP per person in Richland minus real GDP in Poorland is

One of the growth challenges facing low-income countries is their tendency to have

The average annual growth of real GDP per person from 1955 to 2009 in Canada was approximately

High rates of investment in the private sector promote economic growth by

An import substitution policy uses ____________ to develop local manufacturing of goods to replace imported manufacturing goods.