macroecon
the world bank defines extreme poverty as a person living on less than
$1.25 per day
is the growth rate in an economy is 3.5% then its GDP will double in about:
20 years
if the growth rate in an economy is 2%, its gdp will double in about
35 years
if an economys gdp will double in 15 years, then its growth rate must be about
4.7%
the rule of 70 states that the number of years required for a value to double in size is
70 divided by the growth rate
between 1990 and 2010, the number of people in the world living in poverty has
been cut in half
Joseph's schumpeter's idea that waves of innovations lead to business cycles is called
creative destruction
the ability to use physical resources in creative ways to produce goods and services is known as
entrepreneurial ability, technology, and ideas
improvements in technology
explain most of todays
if a countrys population increases at a slower rate than the growth in its real gdp
gdp per capita has increased
technology
improves the productivity of all factors
schumpeter's term creative destruction describes the
innovative dynamism of capitalism
natural gas deposits found in the US over the past decade are an example of an increase in:
land and natural resources
physical capital includes:
manufactured products that are used to produce other goods and services
which of the following is not a factor int he production function
money
which is not a source of productivity growth
moving resources from production to pension benefits
economic growth is most commonly measured by
real gdp per capita
if technology is held constant, an increase in capital concurrent with a decrease in labor input
rise, fall, or stay the same
improvements in production capacity will
shift the PPF outward
Refer to the production possibilities frontiers below. Panel A illustrates _______ economic growth and Panel B illustrates _______ economic growth.
short run; long run
a production function
shows the output that is produced using different combinations of inputs combined with existing technology
the classical form of the production function states that output is determined by
some function of available labor or capital
which of the following occurrences is the key explanation for the high economic growth in the US in the past century
technology improvements
labor includes all of the following factors except
the ability to use physical resources in creative ways to produce goods and services
in the US real gdp is measured by
the bureau of economic analysis
human capital includes
the improvements to labor capabilities from training, education, and apprenticeship programs
if a countrys population increases at a higher rate than the growth in its real gdp
the standard of living int he country has declined
land and natural resources include
water and minerals that come from the earth
policymakers look at _______________ to compare growth rates over an entire year without seasonal ups and downs
year over year GDP growth rates