Exam 3: An Overview of Long-Run Economic Growth

Suppose k and l grow at constant rates given by $\bar { g } _ { k }$ and $\bar { g } _ { l }$ ' What is the growth rate of y if $y = k ^ { a } / l ^ { ( 1 - a ) } , a > 0 ?$

Suppose k, l, and A grow at constant rates given by $\bar { g } _ { k }$ $\bar { g } _ {y}$ And $\bar { g } _ { A }$ ' What is the growth rate of y if $y = A k ^ { \beta } l ^ { 1 - \beta } , \beta > 0 ?$

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:

Suppose k, l, and m grow at constant rates given by $\bar { g } _ { k }$ And $\bar { g } _ { m }$ What is the growth rate of y if $y = m k ^ { 1 / 3 } l ^ { 2 / 3 } ?$

In dynamic economies, it is true that economic growth may contribute to ________, but it also leads to ________.

The relationship between pollution and per capita GDP is documented as:

Suppose k, l, and m grow at constant rates given by $\bar { g } _ { k }$ And $\bar { g } _ { m }$ What is the growth rate of y if $y = ( m k l ) ^ { 1 / 3 } ?$

The growth rate of any variable y between periods t and t + 1 is the ________ and is given by the term ________.

Until about 12,000 years ago, humans were ________; at that point ________ led to the first towns and true economic development.

According to the rule of 70, if an economy averages a 4 percent growth rate, it will take about ________ years to double in size.

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:

Which of the following is/are the benefit(s) of economic growth?

The era of modern economic growth began about:

Identify the benefits and costs of economic growth; explain.

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

Define $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$ . If $\bar { g } _ { X } = 3 \%$ and $\bar { g } _ { L } = 6 \% ,$ then $\bar { g } _ { Y } = 6 \%$ ,

Express the following expressions in terms of growth rates: (a) $y _ { t } = \bar { A } k _ { t } ^ { 1 / 3 } l _ { t } ^ { 2 / 3 }$ (b) $z _ { t } = k _ { t } ^ { \alpha } l _ { t } ^ { - \alpha }$ (c) $c _ { t } = y _ { t } ^ { 2 } w _ { t } ^ { \xi }$

Suppose that in 1960 Japan had an initial per capita GDP of $12,000 per year and China had a per capita GDP of $5,000. But China is growing at 5 percent per year and Japan is growing at 3 percent per year. ________ is richer in 2010 with a per capita GDP of approximately ________.

A benefit of economic growth is increased resource depletion.

Suppose k grows at a rate $\bar { g } _ { k } = 3$ percent and l grows at a rate $\bar { g } _ {i } = 9$ Percent. If $y = k ^ { 1 / 3 } l ^ { 2 / 3 }$ Then y grows at: