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Exam 23: Long-Run Economic Growth

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Question 81

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Sustainable long-run economic growth can continue in the face of the limited supplies of natural resources and the impact of growth on the environment.

A) True
B) False

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Question 82

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To encourage an increase in economic growth rates, governments should increase regulation of the economy.

A) True
B) False

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Question 83

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A nation's real GDP increased from $225 billion to $230 billion in one year. In that same year, the nation's population increased from 125 million to 126 million. a. Calculate the nation's real GDP per capita growth rate. b. If this nation maintained this growth rate, how many years would it take for real GDP per capita to double?

The most important driver for economic growth appears to be:

Long-run economic growth depends almost entirely on:

Suppose a panel of economists predicts that a nation's real GDP per capita will double in approximately 20 years. According to the rule of 70, what must be the predicted annual growth rate of real GDP per capita?

An increase in capital stock would:

According to the rule of 70, if a country has an average growth rate of 7%, its real GDP per capita will double in:

In the long run, an increase in saving will generally:

An example of a public good that encourages economic growth is public health services, such as vaccinations.

Use the following to answer questions Scenario: Technological Progress and Productivity Growth in Techland In Techland, from 1980 to 2010, holding technology and human capital fixed, increasing physical capital per worker from $25,000 to $100,000 would have led to a doubling of real GDP per worker, from $40,000 to $80,000. However, not only did physical capital per worker increase from $25,000 to $100,000, but technological progress shifted the productivity curve upward so that real GDP per worker actually increased from $40,000 to $320,000. -(Scenario: Technological Progress and Productivity Growth in Techland) Look at the scenario Technological Progress and Productivity Growth in Techland. What share of the growth rate of real GDP per capita was attributable to increasing physical capital per worker?

Malthus' predictions have proved to be false because the negative effects on productivity of population growth have been outweighed by advances in technology and increases in both human and physical capital.

Infrastructure includes:

Long-run economic growth depends almost entirely on rising productivity.

One factor frequently cited for slow growth in India until the 1990s is:

According to the rule of 70, a 10% annual increase in real GDP would lead to a doubling of real GDP in seven years.

From 2010 to 2011 nation A's real GDP increased from $100 billion to $106 billion and its population grew from 50 million to 51 million. As a result real GDP per capita _____, because it rose _____ than the population.

Long-run growth is sustainable if:

A typical family in the United States in 1900 had a purchasing power equal to _____ of the real U.S. GDP per capita in 2010.

After the price of oil increased in the 1970s, the growth rate of the United States declined substantially.