econ growth
Economic growth in a country leads to which of the following:.(i) an increase in life expectancy.(ii) an increase in real GDP in the economy iii) a decrease in real income per person.(iv) an increase in average mortality rates.
(i) an increase in life expectancy.(ii) an increase in real GDP in the economy
The Industrial Revolution led to
(i) increased intellectual pursuits. (ii) increased production of food. (iii) economic growth. (iv) a rise in inventions.
The aggregate production function connects:
GDP to labor, human capital, and physical capital.
The U.S. government provides a research and development tax credit. How can this policy encourage economic growth?
It encourages firms to engage in innovation and creative practices, which lead to technological advances that spur economic growth.
In many parts of the world, mobile health clinics travel to villages to treat patients, teach about good nutrition and hygiene, and carry out immunizations. How does this contribute to economic growth?
It helps maintain a healthy population, which leads to development of the labor resource.
WinSun, a Chinese firm, began producing 3-D printed houses in late 2013. These houses were produced in a fraction of the time it would take to produce a house in the regular way and at a much lower cost. This is an example of:
an advance in technology leading to a rise in productivity
Which of the following would lead to a rise in economic growth? an increase in female employment in an economy an increase in the dependency ratio a decrease in human capital a decrease in the labor force participation rate in an economy
an increase in female employment in an economy
Which of the following would lead to a slowdown in economic growth? an increase in capital accumulation in the economy an increase in the dependency ratio an increase in human capital reduced inefficiency in production
an increase in the dependency ratio
Property rights refer to:
control over a tangible or intangible resource.
Rapid growth in poorer countries leads to:
convergence in real GDP per person between poorer countries and richer countries.
Thomas Malthus believed that:
food production would not exceed population growth and that this would lead to continuous subsistence living.
The steady state in the Solow growth model occurs when:
investment equals depreciation.
The aggregate production function Y = f(L, H, K) shows that economic growth can occur if: (i) more labor is employed (ii) human capital is reduced. (iii) the dependency ratio rises. (iv) the capital stock stays constant.
more labor is employed
A constant returns to scale production function means that if all inputs are increased by 75%, this should lead to output:
rising by 75%.
Technological advancement is NOT represented by which of the following? the invention of robotic meal preparation the invention of the light bulb the adoption of an existing technology by new firms the creation of new apps designed to enhance efficiency and reduce wastage in production lines
the adoption of an existing technology by new firms
The catch-up effect would be largest in an economy where:
the initial level of capital is low.
Which of the following can be classified as technological progress? Question options: a baby boom the invention of the light bulb an increase in the retirement age of a population a rise in the labor force participation rate
the invention of the light bulb
Which of the following explains the shape of the aggregate production function?
the law of diminishing returns
Human capital refers to:
worker skills and knowledge.