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Exam 23: Long-Run Economic Growth

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Question 101

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The fundamental argument in the Essay on the Principle of Population was that improvements in technology or increases in physical capital would lead to only temporary improvements in productivity because they would always be offset by:

A) rising human capital demands.
B) falling land values.
C) the pressure of rising population and more workers on the supply of land.
D) falling birthrates.

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Question 102

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Use the following to answer questions : -(Table: Kenya's Economy in 2010) Look at the table Kenya's Economy in 2010. During 2010, assuming no changes in the price level, aggregate output per capita in Kenya grew at a rate of:

A) 0.6%.
B) 2.6%.
C) 5.2%.
D) 7.8%.

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Question 103

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The key measure used to track economic growth is:

Research and development is defined as spending to develop and implement new technologies.

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 much has technological progress contributed as a percentage of productivity growth?

In the book The Limits to Growth, The Club of Rome argued that:

Research and development is what we call spending to develop and implement new technologies.

Technological change:

The three main reasons that the average U.S. worker today produces far more than his or her counterpart a century ago are more physical capital, more human capital, and a great deal of technological progress.

During the latter half of the twentieth century, the Soviet Union made more physical capital available to its workers, but this increase resulted in successively smaller increases in productivity. This is an example of:

The convergence hypothesis states that international differences in real GDP per capita tend to _____ over time.

Total factor productivity is the amount of output that can be achieved with a given amount of factor inputs.

Infrastructure includes:

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 much has technological progress contributed to productivity growth?

Physical capital consists of man-made resources like machines and buildings.

Which of the following factors have contributed to the lack of economic growth in Africa? I. political instability II) lack of spending on education and infrastructure III) malnutrition and disease

The formula for the rule of 70, where n is number of years and r is growth rate, is expressed as:

When the government invests in building roads, ports, and a reliable power grid, it is investing in a nation's:

In the 1960s, Japan was the fastest-growing major economy and it also:

The rule of 70 indicates that a 6% annual increase in the level of real GDP would lead to the output doubling in approximately _____ years.