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