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Macroeconomics
Chapter 7
Question | Answer |
---|---|
What is productivity based on? | Technology, Labor, Capital, Human Capital, and Natural Resources |
What is society's understanding of the best ways to produce goods and services? | Technological Knowledge |
What are the knowledge and skills that workers acquire through education, training, and experience? | Human Capital |
What are the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits? | Natural Resources |
What is the stock of equipment and structures that are used to produce goods and services? | Physical Capital |
What policies change productivity? | Savings/investments, Education, Investment from Abroad, Research and Development, and Free Trade. |
What is the property whereby countries that start off poor tend to grow more rapidly than countries that start out rich? | The Catch-up effect |