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macro quiz 11

quiz 11 study flashcards

QuestionAnswer
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.
Created by: carry
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