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macro quiz 11
quiz 11 study flashcards
Question | Answer |
---|---|
Which of the following marks the beginning of significant economic growth? | The Glorious Revolution of 1688 in England. |
From 1 million B.C. up until 1300, the rates of long run growth in real GDP averaged: | 0% |
Which of the following are the two key factors that determine labor productivity? | The quantity of capital per hour worked and the level of technology. |
Better machinery and equipment, increases in human capital, and better means of organizing and managing production are the three main sources of: | A higher standard of living. |
What is the name given to the relationship between real GDP per hour worked and capital per hour worked, holding the level of technology constant? | The per-worker production function. |
What is the impact of technological change improvements on the per-worker production function? | Technological improvements shift the per-worker production function up. |
How does the economic growth model explain why the Soviet Union’s economy failed? | Because it failed to implement new technologies. |
A patent grants the holder the exclusive right to produce a product for a period of: | 20 years. |
Along the downward-sloping catch up line, a country near the top of the line is: | A poor country growing fast. |
Catch-up, or convergence, is the prediction that the level of GDP per person (or income per person) in poor countries will: | Grow faster than in rich countries. |
Why are many low-income countries not growing? | Because of wars and revolutions, Because of the failure of governments to enforce the rule of law, and Because of poor public education and health. |
What is the name given to the purchase or building by a corporation of a facility in a foreign country? | Foreign direct investment. |
Research has shown that countries where corruption is most widespread grow ________________ countries where corruption is less of a problem. | much more slowly than |
Which countries have experienced faster economic growth? | Countries that have been generally more open to foreign trade and investment. |