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