Exam 9: Global Economic Growth and Development

A) A
B) B
C) C
D) D

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A) capital accumulation.
B) increased gross investment.
C) technological progress.
D) an increase in per capita real income.

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Romer argues that knowledge is a factor ...

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A) help boost per capita real Gross Domestic Product (GDP) growth.
B) help to increase welfare payments.
C) decrease the standard of living in the country.
D) decrease life expectancy.

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A) economic contraction.
B) economic growth.
C) economic recession.
D) economic inflation.

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A) people spend less time developing skills before entering the workforce.
B) the government mandates it.
C) there is an increase in capital goods.
D) the standard of living declines.

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A) $11,941 and $12,653.
B) $11,593 and $12,167.
C) $10,300 and $10,400.
D) $14,000 and $16,000.

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A) why some products are successful in the market as soon as they are developed, whereas others do not catch on for years.
B) why most of the patents on record have been given to men rather than to women.
C) why some countries are rich and others are poor.
D) the personality factors that lead people to become entrepreneurs.

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A) the growth of the money supply.
B) the trade surplus.
C) the growth in per capita real GDP.
D) the number of new jobs created.

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A) 7 years.
B) 14 years.
C) 20 years.
D) forever.

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A) growth rates tend to decline over time.
B) the power of compounding means small changes have large effects over time.
C) the faster a country grows today, the less it will be able to consume in the future.
D) growth rates are a factor in U.N. participation.

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A) does not make much difference in the long run per capita real GDP.
B) will not influence the real standard of living in a country.
C) can make a big difference in the per capita real GDP because of urban congestion.
D) can make a big difference in the per capita real GDP because of compounding.

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A) a government protection that gives an inventor the exclusive right to the invention for a limited time period.
B) a government protection that gives an inventor the exclusive right to the invention for an unlimited time period.
C) the right to make a product and sell it at a reasonable price.
D) a recognizable right to the profits associated with a new product or new way of making goods granted by business associations.

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A) generally follows predictable patterns.
B) is not taken into consideration.
C) is skewed toward the lowest quintile of the population.
D) is shared equally.

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A) protecting home producers from international competition
B) letting creative destruction run its course
C) promoting increased education
D) promoting private property rights

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A) that food supplies would always be more than sufficient to feed the world's population.
B) that the world's population would eventually exceed the amount food supplies can support.
C) that population growth was good for the world.
D) that population growth would eventually lead to an increase in the quality of life for everyone.

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A) nominal GDP
B) nominal GDP per capita
C) real GDP
D) real GDP per capita

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A) a high domestic saving rate
B) investment in human capital
C) subsidies for R&D activities
D) slow technological progress

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