Econ

Which of the following are used by economists to define and measure economic growth?

1)An increase in real GDP per capita occurring over some time period 2)An increase in real GDP occurring over some time period

Reductions in per-unit production costs that result from increases in output levels lead to of .

Blank 1: economies or economy Blank 2: scale

Which of the following are growth-promoting institutional structures?

Competitive market system. Free trade Efficient financial institutions Patents and copyrights Strong property rights

What are leader countries?

Countries that develop and use the most advanced technologies

Countries that experienced economic growth earlier than other countries have lower average incomes today.

F / The countries that experienced economic growth early have much higher standards of living.

Other than a higher standard of living and more innovations, which of the following are true of the impacts of modern economic growth in industrialized nations?

Increased leisure time and arts Elimination of archaic social norms Increase in democracies

Identify the supply factors that are "determinants" of economic growth.

Increases in the quantity and quality of human resources Increases in the quantity and quality of natural resources Improvements in technology Increases in the supply of capital goods

Which of the following comprise technological advancement?

Innovative production techniques New forms of business organization New managerial methods

Which of these explain why growth is an important economic goal?

It increases a society's ability to resolve socioeconomic problems. It increases standards of living. It increases real wages and incomes.

The determinants that directly affect economic growth can be grouped into which of the following categories?

Supply Efficiency Demand

Which of the following factors of productivity growth helps to promote the development of new forms of business organization?

Technological advance

Which of the following helps explain why the growth rate in the United States has been positive during the 1900s?

The increase in labor productivity

Why do economists pay so much attention to small changes in the rate of economic growth?

These changes have large effects on the volume of output.

Economists pay attention to small changes in economic growth because small changes in economic growth can make a big difference in the living ____________of a country.

conditions

Modern economic growth has significantly increased the standard of living as well as _______________ social, and political arrangements

cultural

The purchase of the economy's expanding goods and services by households, businesses, and the government is known as the factor

demand

The four supply factors that constitute changes in physical and technical agents of production ______.

enable an economy to expand its potential GDP

Strong property rights, ______ trade, patents and ______ market systems are all growth-promoting institutional structures.

free; competitive

Efficiency factor is when an economy must achieve economic efficiency as well as ______ to reach its full production potential.

full employment

An economy that is experiencing economic ______ is better able to meet people's wants and resolve socioeconomic problems.

growth

Those countries which experienced modern economic growth earlier than other countries now have significantly ______.

higher standard of living

A nation's economic growth from one year to the next depends on its ______.

increase in labor inputs and increase in labor productivity

Countries that develop and use the most advanced technologies, which then became available to follower countries, are known as countries.

lead

The demand factor involves households, businesses, and government purchasing the economy's expanding output of goods and services so that there will be

no unplanned increase in inventories and resources will remain fully employed

Labor productivity is:

real output per hour of work

Ideally, a nation acquires funds for investment spending on plant and equipment by ______ income.

saving

Sources of funds for investment spending in plant and equipment are ______.

savings by households, governments, and foreigners

The six "determinants" of economic growth are grouped into three categories: one demand factor, four factors, and one efficiency factor.

supply

The supply factors that are part of the "determinants" of economic growth include increasing the quality and quantity of natural and human resources, increasing the stock of capital, and improvements in

tech

Human capital refers to

the improvement in labor created by education and knowledge that is embodied in the work force