Exam 3: An Overview of Long- Run Economic Growth

Between 1970 and 1976,Israel's average inflation rate was about 65 percent per year.With that rate of inflation,prices would double about every __________ using the rule of 70.

Define .If , ,and if ,then .

In 1950,per capita real GDP in Argentina was $1,206 per year and it grew at a constant growth rate of 4.6 percent per year.In Mexico 1950 per capita real GDP was $497,but it grew at a constant rate of 5.6 percent.What would per capita real GDP be in each country in 51 years (2000)? What about in 91 years (2040)? Will per capita real GDP in Mexico ever surpass that in Argentina? When,approximately? What inference do we make about growth rates from this example?

Suppose k,l,and A grow at constant rates given by , ,and .The growth rate of y if is .

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day,economic growth would have begun in the last hour.

Suppose K and L grow at constant rates given by And )What is the growth rate of y if ?

The costs of economic growth include which of the following?

Suppose x grows at a rate Percent and y grows at a rate Percent.If z = y · x,then z grows at __________;while if z = x/y,z grows at __________.

Name three of the fastest growing countries from 1960 to 2000.Name three of the slowest over the same period.Are there any similarities?

Between 1960 and 2000,which country(ies)was (were)among the fastest growing?

Despite the costs associated with economic growth,most believe:

The president of the World Bank has asked you to calculate the average population growth rate of Nigeria from 1960 to 2004.You know the population in 1960 is about 40 million and in 2004 about 137 million.The average growth rate is about:

When a lower-income economy's GDP is able to "catch up" with a higher-income economy's GDP,this behavior is related to an important concept in the study of economic __________.

If per capita GDP in 2004 was $1,000 and in 2005 was $1,200,the growth rate of per capita GDP was:

Each of the following is a benefit of economic growth: a.loss of jobs in some sectors b.pollution c.increased income inequality

In 1960,approximately __________ of the world's population lived on less than $5 per day,and the rate has __________ steadily since.

One of the nice properties of the rule of 70 is that it simply approximates how long it takes for a variable to double independent of the level of the variable.

Over the past 50 years,Brazil's population growth rate has averaged about 2.3 percent.According to the rule of 70,Brazil's population will double in about:

A benefit of economic growth is the release of individuals from physical labor.

Which of the following is/are among the poorest countries in world?