Exam 9: Economic Growth II: Technology, Empirics, and Policy

The rate of labor-augmenting technological progress (g) is the growth rate of:

The recent worldwide slowdown in economic growth began in the early:

The number of effective workers takes into account the number of workers and the:

In a steady-state economy with population growth n and labor-augmenting technological progress g, persistent increases in standards of living are possible because the:

Hypotheses to explain the positive correlation between factor accumulation and production efficiency include each of the following except:

In the two-sector endogenous growth model, the saving rate (s) affects the steady-state:

Which of the following changes would bring the U.S. capital stock, currently below the Golden Rule level, closer to the steady-state, consumption-maximizing level?

In the Solow growth model, technological change is ______, whereas in endogenous growth theories, technological change is ______.

Empirical investigations into whether differences in income per person are the result of differences in the quantities of the factors of production available or differences in the efficiency with which the factors are employed typically find:

Evaluate the rate of saving to determine the policies that could promote growth. What can be the forms of capital other than the traditional ones to promote growth of an economy?

The economy of Macroland can be described by the Solow growth model. In Macroland the labor force grows at 3 percent per year, labor-augmenting technology increases at 2 percent per year, the saving rate is 15 percent per year, and the rate of capital depreciation is 10 percent per year. Choosing from among the following variables-output per effective worker, output per worker, total output, labor force, capital per worker, and capital per effective worker-which variables will be growing at a: a. 2 percent rate? b. 3 percent rate? c. 5 percent rate? d. 0 percent rate?

Empirical results justify substantial government subsidies to research based on the finding that the:

In the Solow model with technological progress, by increasing the efficiency of labor at rate g:

English-style legal systems give ______ protections to shareholders and creditors than French Napoleonic Codes, typically resulting in ______ capital markets and faster rates of economic growth.

In the Solow growth model, the steady-state growth rate of output per effective worker is ______, and the steady-state growth rate of output per actual worker is ______.

A recent study suggests that the spectacular growth rates experienced by Hong Kong, Singapore, South Korea, and Taiwan are largely due to:

Other things being equal, all of the following government policies are likely to increase national saving except:

If Y is output, K is capital, u is the fraction of the labor force in universities, L is labor, and E is the stock of knowledge, and the production Y = F(K,(1 - u) EL) exhibits constant returns to scale, then output (Y) will double if:

According to the Solow model, persistently rising living standards can only be explained by:

Schumpeter's thesis of "creative destruction" is an explanation of economic progress resulting from: