Improvements in technology; Increases in the quantity and quality of natural and human resources; Total spending on goods and services; Increases in the supply of capital goods; Economic efficiency and full employment. Refer to the figure below and assume that the combined consumer goodscapital goods values for points a, b, and care $10 billion, $20 billion, and $12 billion, respectively. The knowledge and skills that make a worker productive. If prices are inflexible, an unexpected reduction in demand for a firm's product would result in: A) rising inventories followed by cuts in production, C) Profits will rise if demand unexpectedly rises to DH. began the modern economic growth process sooner. higher living standards for the vast majority of people. According to economic historians, modern economic growth first happened in. Economic growth allows a society to consume: a wider variety of goods; more goods and services; high quality goods. Refer growth? Households, businesses, and government must _______ the economy's expanding output of goods and services in order to achieve higher production potential created by supply factors. growth? Instructions: Enter your answers as whole numbers. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 5 percent in the follower country. $20 billion, $40 billion, and $28 billion respectively. Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. a. There is a close relationship between changes in a nation's rate of productivity growth and changes in its average real hourly wage because if average real hourly wage and output per worker is. Refer to the figure below and assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $28 billion respectively. capital goods values for points B. argue that economic growth does not resolve socioeconomic problems such as an unequal distribution of income and wealth. The annual rate of growth for the economy over the 5 year period 14.87%. end of the 2-year period, by what percentage did it fall short of Strong property rights, patents and copyrights, efficient financial institutions, literacy and widespread education, free trade, and a competitive market system. If the economy moves from point a to point b over a 5-year period, what must have been its annual rate of economic growth? If the price of a gardenburger is $5, Mr. Lingle's monthly income is A) $20. Which product would most likely be characterized by "sticky" prices? If, instead, the economy was at point c at the end of the 5-year period, by what percentage did it fall short of its production capacity? - Definition & Explanation, Human Capital Theory: Characteristics & Investment, Social & Economic Measures of Development, Inflation: Definition, Types, Causes & Effects, What is a Developing Economy? a to The two supply-side elements of real GDP are: increases in labor productivity; increases in hours worked. capital goods values for points, are 1776 when Scottish inventor James Watt perfected a powerful and efficient steam engine. What annual growth rate is needed for a country to double its output in each of the following cases? c are In 1820 living standards in various places are the globe were _______ they are today. According to the graph, the substitution effect of a decrease in the price of X from $2 to $1 is equal to... a.5 b.30 c.20 d.25 - Definition & Principles, What is Per Capita Income? © copyright 2003-2020 Refer to the figure below and assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $30 billion respectively. a. Used by the president's Council of Economic Advisers to assess the relative importance of the supply-side elements that contribute to changes in real GDP. - An increase in real GDP occurring over some time period. b. Identify the following arguments about economic growth as being either anti-growth or pro-growth. Some countries are much poorer today than other countries because some. - Definition, Theories & Indicators, What is Economic Development? 2-year period, what must have been its annual rate of economic An important source of increasing labor productivity is: an increase in the ratio of capital to labor. - Definition & Examples, Neoclassical Economics: Definition, Theory & Model, Multiplier in Economics: Definition, Effect & Formula, What is a Developing Nation? & Refer to the table. Economic growth will _______ the burden of scarcity. Growth is advantageous to a nation because it: Increases in the value of a product to each user, including existing users, as the total number of users rises are called: Economists who believe that the recent increase in the average productivity growth rate may be permanent claim that the above-normal economic growth in the United States between 1995 and 2009 was caused by: B. increased entrepreneurial activity, application of information technology, and global competition. Increases in capital are important to productivity growth because _______ in the quantity and quality of capital make workers _______ productive. The core element of the productivity speedup is an explosion of entrepreneurship and innovation based on: The fraction of the working-age population that is in the labor force is called the: The growth-promoting institutional structure that involves giving inventors and authors the exclusive rights to market and sell their creations are called _______ and _______. To actually achieve the higher production potential created when the supply factors increase or improve, households, businesses, and the government must also expand their purchases of goods and services so as to provide a market for all the new output that can potentially be produced. its production capacity? Question: Refer to the figure above and assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $38 billion respectively Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance. If the economy doubles in 5 years the annual rate of growth is... Our experts can answer your tough homework and study questions. The benefits of economic growth, particularly as measured by real GDP per capita, include. economy moves from point Assume that society's optimal level of output in each market is Q0 and that government purposely shifts the market supply curve from S to S1 in diagram (a) and from S to S2 in diagram (b). An increase in a firm's output by a larger percentage that the percentage increase in its inputs. to the figure below and assume that the combined consumer goods + - Definition & Characteristics, Economic Factors Impacting Economic Development, Keynesian Economics: Definition, History, Summary & Theory, Less-Developed Countries & Obstacles to Development, Ability-to-Pay Principle of Taxation: Theory & Analysis, Public Good in Economics: Definition, Theory & Examples, Walt Rostow's Stages of Growth in Economies, The Keynesian Model and the Classical Model of the Economy, What Is the Human Development Index?

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