Exam 3: An Overview of Long-Run Economic Growth

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:

The era of modern economic growth began about:

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

Suppose x grows at a rate of percent and y grows at a rate of Percent. If z = x * y, then z grows at ________ percent; if z =x/y, z grows at ________ percent.

Suppose there are L₀ people in the world today. If the population growth rate equals then in 50 years, the world population will be .

Of the following countries in 2014, ________ had the highest per capita GDP, and in 1950, ________ had the lowest per capita GDP.

Suppose that in 1965 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. ________ would have been richer in 2015 with a per capita GDP of approximately ________.

The costs of economic growth include which of the following?

Between 1960 and 2014, which of the following countries was among the fastest growing?

Assume that Mexico's average annual per capita GDP growth rate is 3 percent per year, while Argentina's is 2.5 percent. Next, assume that both countries began with an initial per capita GDP of $1,000 in 1965. By 2015, per capita GDP would have been ________ in Mexico and ________ in Argentina.

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

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.

Identify the benefits and costs of economic growth. Explain.

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.

If the population of Romania was about 22 million in 2010 and the average population growth rate is 0.2 percent, then Romania's "initial" population was about ________ million in 1970.

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

Economic growth can be useful in describing why Europeans are:

If we compress the vertical axis at "key doubling points," we call this the ________ scale.

Between 1960 and 2014, which of the following countries was among the slowest growing?

In 1960, approximately ________ of the world's population lived on less than $7 per day, and the rate has ________ steadily since.