econ ch 8

In the periods 1953-73 and 1973-95, U.S. real GDP grew at the average annual rates of abou

3.6 percent and 2.8 percent, respectively.

What percentage of the U.S. adult population has a college or post-college education (as of 2015)?

33 percent

Proponents of economic growth claim that rising living standards can lead to environmental improvements as people can afford to care more about the environment.

true

Before the Industrial Revolution, living standards in the world

were relatively stagnant for long periods of time.

Real GDP per capita is found by dividing real GDP by the size of the labor force.

FALSE

An economy with an average growth rate of 10 percent can expect to see its real GDP double in approximately 7 years.

TRUE

Between 1953 and 2015

increases in labor productivity account for more of the growth in U.S. real GDP than do increases in the quantity of labor.

Technological advances that contribute to economic growth include the following, except

innovative digital gadgets for consumers

Proponents of economic growth say that pollution

occurs, not because of growth, but because common resources are treated as free goods.

the efficiency factor(s) of economic growth is (are)

. Purchases of expanding output.

Which of the following is not an explanation put forward to explain the recent productivity slowdown?

A massive influx of immigrant labor has caused the labor force to expand much faster than real GDP.

Reasons for the rise in productivity growth between 1995 and 2010 include the following, except

a decline in population.

The "rule of 70" is a formula for determining the approximate number of

ears that it would take for a value (like real GDP) to double.

There is unanimous agreement that economic growth is both desirable and sustainable.

false

Historically, the total amount of real capital per worker in the United States has

increased significantly and made labor more productive.