Exam 3: An Overview of Long-Run Economic Growth

Suppose k grows at a rate $\bar { g } _ { k } = 6$ percent and l grows at a rate $\bar { g } _ { i} = 9$ Percent. If $y = k ^ { \frac { 1 } { 3 } } l ^ { - \frac { 4 } { 3 } }$ , Then y grows at:

The "birthplace" of modern economic growth was the mid-nineteenth-century United States.

The costs of economic growth include which of the following?

In 2010, approximate ________ of the world's population lived on $5 a day or less.

Suppose there are L₀ people in the world today. If the population growth rate equals $\bar { n }$ , then in 50 years, the world population will be $L _ { 50 } = L _ { 0 } \Sigma _ { t - 0 } ^ { 50 } ( 1 + \bar { n } ) ^ { t }$ .

Economic growth is defined as the percent change in per capita income or GDP.

Suppose x grows at a rate $\bar { g } _ { z } = 5$ percent and y grows at a rate $\bar { g } _ { y } = 12$ Percent. If z = y $\times$ x, then z grows at ________; if z = x/y, z grows at ________.

Name three of the fastest growing countries from 1960 to 2010. Name three of the slowest over the same period. Are there any similarities?

Economic growth is defined as:

Defining per capita GDP in 2014 as $y _ { 2014 }$ and per capita GDP in 2015 as $y _ { 2015 } ,$ the growth rate of per capita GDP, $\bar { g } ,$ from 2014 to 2015 is given by $\bar { g } = \left( \bar { y } _ { 2015 } - \bar { y } _ { 2014 } \right) / \bar { y } _ { 2015 }$

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

If instead of labeling the vertical axis in the usual "1, 2, 3, 4, . . ." fashion we label it as "1, 2, 4, 8, . . ." so that equal intervals represent a doubling, we call this:

In 1960, approximately ________ of the world's population lived on less than $5 per day; by 2000, it ________ to ________ of the population.

If the population of Romania was about 20.3 million in 1970 and the average population growth rate is 0.2 percent, then Romania's population would have been about ________ in 2010.

Between 1960 and 2000, which of the following countries was among the fastest growing?

If per capita GDP in 2014 was $1,000 and in 2015 was $1,200, the growth rate of per capita GDP was:

According to historical data, wages in ancient Greece and Rome were about the same as wages in fifteenth-century Britain.

Between 1960 and 2010, the fraction of the world's population that lived on $5 a day or less ________. This can be attributed to, in part, ________.

Suppose k₀ = 100 and assume it grows at a constant rate $\bar { g } _ { X } = 2$ percent per year. If $y _ { t } = k _ { t } ^ { 1 / 3 } ,$ What is the approximate value of y in 50 years?

The compression of the vertical axis at "key doubling points" is called: