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Economics McCollough

Exam 3 Flash Cards McCollough Economics Lamar University

QuestionAnswer
According to classical theory, we move to point f because of... Labor supply increases so people feel walthier causing k/l to decrease.
Is the classical growth theory still relevant? Give 2 examples 1) The Great Depression 2) 9/11 and the Housing Market Crash
Your answer in part iii can be attributed to three reasons. (As people were getting richer they were having less kids) - As people moved to urban living the did not need kids to work on farms. - As countries developed they socialized pension, so kids were no longer needed. - As people got richer, the oppurtunity cost to have kids increased as well.
Target Rate of Interest is...(The interest rate associated with point A) The interest rate that keeps a steady K/L ratio
According to NEOclassical growth theory, we then move to point G b/c... K/L increases because of population and production increases.
The New Growth Theory states that technology is always advancing but the pace of technological advancement really depends on 3 factors and they are 1- Will of people wanting to make discoveries 2- Competitiveness of countries 3- Educational Backgrounds
Name 5 Institutional structures that are necessary to promote growth (First 3) 1- Stable political systems- To maintain order and finances for what's best for the country. 2- Free Trade- Achieve success individually and through major corporations 3- Patents and Copyrights- To protect originality and new ideas
5 institutional structures that promote growth (Last 2) 4- Free market systems- we will be able to buy/create what is best for us and economy. 5- Leisure and widespread education- gain better understanding and create future products and service.
Name 5 reasons why the U.S. supplies more labor than France. 1- France has better unions. 2- France has a shorter work week. 3- Cultural differences between work and leisure time. 4- France has better unemployment benefits 5- France has higher taxes on labor
Name 3 ways to increase labor productivity 1- Increase Wages 2- Increase Techonology 3- Competitiveness Among employees 4- Increase quality of labor 5- increase quantity of capital
Give 4 criticisms of economic growth 1- Environmental problems 2- Growth hasn't solved sociological problems 3- High growth economies are stressful 4- high growth rates aren't sustainable
Those who criticize economic growth say it leads to resource depletion. What to we point to, to say this isn't true. If it were, prices would increase, not decrease.
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