The difference between a 2.5 percent and a 3 percent annual growth rate over several decades could be the difference between output doubling in ____ years (2.5 percent growth) and ____ years (3 percent growth).
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According to economic historians, modern economic growth first happened in ____ when Scottish inventor ____ ____ perfected a powerful and efficient steam engine.
What are the characteristics of the major institutional structures that form the foundation for modern economic growth?They ____ saving and investment, promote the development of new technologies, and ensure that ____ flow efficiently to the most productive uses.
Not always destined to be poor as they can develop the appropriate institutions to catch up with wealthier countries
The quality and quantity of human resourcesThe level of technologyThe stock of capital goodsThe quality and quantity of natural resources
Suppose that Alpha and Omega have identically sized working-age populations but that annual hours of work are much greater in Alpha than in Omega. This could happen because
Omega”s labor force is underemployed or Omega workers place a higher value on leisure than those in Alpha
Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance.
Technological advance, quantity of capital, education and training, economies of scale, and improved resource allocation
Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future. True or False?
There is a close relationship between changes in a nation”s rate of productivity growth and changes in its average real hourly wage because if average real hourly wage and output per worker is ____, then the amount of output available per capita for workers to buy will be growing so more can be purchased.
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Recent productivity acceleration has been ____ influenced by information technology because it connects information in all parts of the world with information seekers.
Recent productivity acceleration has been ____ influenced by information economies of scale because expanding production has a very ____ marginal cost.
Recent productivity acceleration has been ____ influenced by network effects, which is a type of ____ economy.
Recent productivity acceleration has been ____ influenced by global competition, which has expanded market possibilities for both consumers and producers.
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The benefits of economic growth, particularly as measured by real GDP per capita, include ____ living standards for the vast majority of people.
Which of the following best describes the costs of economic growth, particularly those measured by real GDP per capita?
Economic growth has not solved sociological problems such as poverty, homelessness, and discrimination
Countries that currently have low real GDPs per capita are destined to always have lower living standards than countries that currently have high real GDPs per capita. True or False?
Identify each of the following situations as something that either promotes growth or retards growth.Increasing corruption allows government officials to steal people”s homes
Identify each of the following situations as something that either promotes growth or retards growth.A nation introduces patent laws for the first time
Identify each of the following situations as something that either promotes growth or retards growth.A court order shuts down all banks permanently
Identify each of the following situations as something that either promotes growth or retards growth.A poor country extends free public schooling from 8 years to 12 years
Identify each of the following situations as something that either promotes growth or retards growth.A nation adopts a free-trade policy
Identify each of the following situations as something that either promotes growth or retards growth.A formerly communist country adopts free markets
