Exam 3: An Overview of Long-Run Economic Growth

Suppose that in 1950 Japan has an initial per capita GDP of $15,000 per year and China has a per capita GDP of $2,500. But China is growing at 7 percent per year and Japan is growing at 2 percent per year. In 2010, ________ is the lower-income country, with a per capita GDP of approximately ________.

Suppose k grows at a rate $\bar { g } _ { k } = 3$ percent and l grows at a rate $\bar { g } _ { l } = 12$ Percent. If $y = k ^ { 1 / 3 } l ^ { 2 / 3 }$ , Then y grows at:

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 1 percent.

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 ________.

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

Of the industrialized countries in 2010, ________ had the highest per capita GDP, and in 1950, ________ had the lowest per capita GDP.

The study of economic growth concentrates on understanding the determinants of:

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

Despite the costs associated with economic growth, most believe:

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income ________ that of his or her son or daughter.

Each of the following is a benefit of economic growth: a. an expansion in the range of goods and services available for purchase b. reductions in infant mortality c. increased income inequality

Suppose x grows at a rate $\bar { g } _ { x } = 3$ percent and y grows at a rate $\bar { g } _ { y } = 3$ Percent. If z = x $\times$ y, then z grows at ________; if z = x/y, z grows at ________.

If per capita GDP in 2013 was $900, in 2014 was $1,000, and in 2015 was $1,200, the growth rate of per capita GDP between 2013 and 2015 was:

In the late nineteenth century, ________ was the richest country in the world, but it now lags behind the United States because of ________.

If we compress the vertical axis at "key doubling points," we call this:

In 2010, which of the following had a per capita GDP higher than the United States?

Developed countries' average incomes rose from about ________ in 1700 to about ________ today.

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 $y = \frac { k ^ { e } } { l ^ { e } }$ ?

Since approximately 1950, ________ has been one of the fastest growing economies.

One of the nice properties of the rule of 70 is that it simply approximates how long it will take for a variable to double, but it is dependent on the level of the variable.