Economic growth

In growth​ theory, the standard of living is measured using the growth rate of

real GDP per capita

Property rights encourage economic growth by​ _______.

strengthening the incentive to work and save

the new growth theory asserts that profits are

temporary, because the discoveries that lead to profits are eventually used by all

New growth theory asserts that ______ will lead us to greater productivity and economic growth

unlimited wants

Increases in human capital can come

from formal education and on-the-job learning.

Economic freedom is crucial for achieving economic growth because​ ________.

it underpins the incentive to​ save, invest, expand human​ capital, and discover and apply new technologies

If it took 20 years for real GDP to​ double, what was the average growth rate of real​ GDP?

3.5%

Human capital refers to the

accumulated skill and knowledge of human beings

The following government policies will help achieve faster economic growth EXCEPT

discouraging saving

The preconditions for economic growth are​ _______.

economic​ freedom, property​ rights, and markets