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Exam 22: Long Run Economic Growth

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Question 21

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Over the past century, technical advances have led to machines that have replaced workers in many occupations. What impact has this had in labor markets?

A) In the long run, unemployment rates have not increased. As jobs are lost in one industry, new opportunities seem to develop in other industries.
B) In the long run, unemployment rates have increased. As workers are replaced by machines, few jobs are available.
C) Labor markets increasingly need more low-skill workers and fewer high-skill workers.
D) Automation has reduced the number of jobs requiring reasoning and judgment.

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Question 22

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What do most economists believe regarding public policies that have a goal of fostering economic growth?

A) The same policy approaches will work equally well in all countries.
B) Poor and wealthy countries may need to use different policy approaches to maximize growth.
C) Economic growth is not possible for every country.
D) Public policy has little impact on economic growth in a country.

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Question 23

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Training farmers about growing a new hybrid variety of corn plant that has a higher yield than other varieties of corn is an example of:

Which of the following is a public policy to foster economic growth that typically would be favored by the government of a developing country rather than a high-income country?

Three factors determine output per capita in a simplified production function. Identify the three factors and why two of them receive much more attention than the other in efforts to promote economic growth.

As the quantity of one input rises while the amounts of other inputs remain constant, output tends to rise by smaller and smaller increments. This pattern is referred to as the:

The production possibility frontier can be used to show economic growth as a sustained long-run increase in GDP. What does each panel shows about capital goods and growth of the economy?

Which of the following is a public policy to foster economic growth that typically would be favored by the government of a high-income country rather than a developing country?

The catch-up effect occurs when:

(Table 2: Economic and Population Data for Countries A, B, C, and D, 2008 to 2018) $\begin{array}{l}\text { Table 2. Economic and Population Data for Countries A, B, C, and D, } 2008 \text { to } 2018\\\begin{array}{|l|l|l|l|l|}\hline & \text { Country A } & \text { Country B } & \text { Country C } & \text { Country D } \\\hline 2008 \text { real GDP } & \$ 90 \text { million } & \$ 60 \text { million } & \$ 360 \text { million } & \$ 150 \text { million } \\\hline 2008 \text { population } & 9,000 & 20,000 & 30,000 & 50,000 \\\hline 2018 \text { real GDP } & \$ 150 \text { million } & \$ 126 \text { million } & \$ 462 \text { million } & \$ 260 \text { million } \\\hline 2018 \text { population } & 10,000 & 21,000 & 33,000 & 52,000 \\\hline\end{array}\end{array}$ -Table 2 provides information on population and real GDP for countries A, B, C, and

One of the debates in development economics is whether foreign aid is an effective way to help developing countries. Summarize the arguments on both sides of this debate.

(Table 4: Econia and Macroland Growth, 2008 to 2018) Table 4 provides data on GDP growth for Econia and Macroland. Which statement correctly identifies the country that was experiencing catch-up growth during the decade 2008 to 2018 and why? $\begin{array}{l}\text { Table 4. Econia and Macroland Growth, } 2008 \text { to } 2018\\\begin{array}{|l|l|l|}\hline & \text { Econia } & \text { Macroland } \\\hline 2008 \text { real GDP } & \$ 0.40 \text { trillion } & \$ 2 \text { trillion } \\\hline 2018 \text { real GDP per capita } & \$ 1,000 & \$ 20,000 \\\hline 2018 \text { real GDP } & \$ 1.04 \text { trillion } & \$ 2.96 \text { trillion } \\\hline 2018 \text { real GDP per capita } & \$ 2,367 & \$ 22,090 \\\hline \begin{array}{l}\text { Annual growth rate real GDP, } \\2008 \text { to } 2018\end{array} & 10 \% & 4 \% \\\hline \begin{array}{l}\text { Annual growth rate real GDP } \\\text { per capita, } 2008 \text { to } 2018\end{array} & 9 \% & 1 \% \\\hline\end{array}\end{array}$

The economic growth rate of a country is measured by changes in:

According to the text, a nation's economic growth is best measured by the annual growth rate of:

Why is a per capita measure used as the basis for a nation's economic growth rate?

One of the debates in development economics is whether economic growth is slowing down for high-income countries. Summarize the arguments on both sides of this debate.

A country's productivity is measured by:

Which answer is NOT a reason that encouraging international trade can foster economic growth in developing nations?

Among the countries where natural resources have been key to high incomes, what natural resource has been most important?

Which of the following is a reason that growth rates in high-income countries appear to be falling?