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 called economic convergence.

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

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

If per capita GDP in 2014 was $900, in 2015 was $1,000, and in 2016 was $1,200, the growth rate of per capita GDP between 2014 and 2016 was:

Express the following expressions in terms of growth rates: (a) (b) (c)

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

In 2010, one country to have a higher per capita GDP than the United States was Sweden.

Between 1960 and 2014, the fraction of the world's population that lived on $7 a day or less ________. This can be attributed to, in large part, ________.

Suppose k and l grow at constant rates given by and What is the growth rate of y if

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 the ________ scale.

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

What are the "stylized facts" of Japan's growth experience over the past 150 years or so?

The compression of the vertical axis at "key doubling points" is called the ________ scale.

Between 1986 and 2014, India's per capita GDP growth rate averaged about ________ percent, which was slower than in China. As a result, by 2014 China's per capita GDP was about ________ of the U.S. level, whereas in India it was about ________.

Define . If and then

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

Let If and if then

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, and c. increased income inequality.

Since approximately 1980, ________ has been one of the fastest growing economies.