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Exam 23: Long-Run Economic Growth

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Question 141

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Between 1990 and 2005 the price of oil was high relative to prices in the 1970s and 1980s, and consumers responded by buying small, fuel-efficient cars.

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Question 142

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Economists mostly agree that the problem of climate change necessitates government action in the form of market-based incentives such as:

A) tax rebates to those causing negative externalities.
B) a reduction in the amount of gasoline that each person is allowed to purchase.
C) a carbon tax or a cap and trade system.
D) a reduction in the price of green cars and appliances.

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Question 143

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All of the following are reasons average workers in the United States today produce more than their counterparts a century ago EXCEPT that the modern worker:

Which sector is responsible for most of the growth in the United States during the 1990s?

Between 1980 and 1994, real per capita GDP in sub-Saharan Africa:

The standard of living in a country can be best measured by:

If technology improves, then it takes more inputs to produce the same output as the last period.

According to the convergence hypothesis, differences in GDP per capita among countries tends to narrow over time because countries that start with a _____ real GDP per capita tend to have _____ growth rates.

Use the following to answer questions Figure: Technological Progress and Productivity Growth -(Figure: Technological Progress and Productivity Growth) Look at the figure Technological Progress and Productivity Growth. If there is a significant increase in human capital per worker (all other factors remaining unchanged) , it is best indicated by a move from:

Long-run economic growth has been mostly dependent on:

According to the convergence hypothesis, differences in GDP per capita among countries tend to narrow over time because countries that start with a lower real GDP per capita tend to have higher growth rates.

Use the following to answer questions Scenario: Growth Rates in Two Countries India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. -(Scenario: Growth Rates in Two Countries) Look at the scenario Growth Rates in Two Countries. About how much will U.S. real GDP per capita be in 14 years?

Use the following to answer questions Scenario: Productivity The economy has grown by 4% per year over the past 30 years. During the same period the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years. -(Scenario: Productivity) Look at the scenario Productivity. How fast has physical capital per worker grown?

According to the rule of 70, if a country doubles its real GDP per capita every 20 years, that country must be growing at an annual rate of:

Which of the following CANNOT properly be called a part of infrastructure?

The aggregate production function measures productivity as:

Who established the first research and development laboratory?

Economic growth is likely to entail:

Technological progress is advanced through:

Conditional convergence suggests that: