Macroeconomics ch. 12 (pt 1&2 not on ashtyns and 3-5)
average income has been stagnent for many years in
gabon
The return to schooling for society is higher than the return to schooling for the individual if
human capital conveys positive externalities
Suppose a country increases trade restrictions. This country would be pursing an
inward policy, which most economists believe has adverse effects on the economy.
Inventors often obtain patents on new products and processes, thereby turning new ideas into
private goods and increasing the incentive to engage in research.
Educated people may generate ideas that increase production. These ideas
all of the above
Investment from abroad
all of the above
natural resources
all of the above
which of the following is consistent with the catch up effect
all of the above
All else equal, which of the following would tend to cause real GDP per person to rise?
an increase in investment in human capital
Which of the following provide benefits to society at large and not just to the person(s) who pursues it?
both technological knowledge that is a public good and education
A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to increase barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies would most economist think would promote growth?
neither the first nor the second would promote growth
All else equal, if there are diminishing returns, then if a country raised its capital by 100 units last year and by 100 units this year,
the increase in output was greater last year than this year