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Economics Today The Macro View Ch. 9 Graded A+

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Economics Today The Macro View Ch. 9 Graded A+ 1. Economic growth ️: Increases in per capita real GDP measured by its rate of change per year. 2. Labor productivity ️: Total real domestic output (real GDP) divided by the number of workers (output per worker). 3. Economic growth can be d...

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  • September 9, 2024
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Economics Today The Macro View Ch. 9 Graded A+


1. Economic growth ✔️: Increases in per capita real GDP measured by its rate of change per year.




2. Labor productivity ✔️: Total real domestic output (real GDP) divided by the number of workers

(output per worker).




3. Economic growth can be defined as the increase in ✔️: per capita real GDP, measured by its rate of

change per year.




4. The ✔️: benefits of economic growth are reductions in illiteracy, poverty, and illness, and increases

in life spans and political stability. The costs ✔️: of economic growth may include environmental

pollution, alienation, and urban congestion.




5. Patent ✔️: A government protection that gives an inventor the exclusive right to make, use, or sell an

invention for a limited period of time (currently, 20 years).




6. Innovation ✔️: Transforming an invention into something that is useful to humans.

,7. Development economics ✔️: The study of factors that contribute to the economic growth of a

country.




8. Per Capita Real GDP Calculation:


- Country A: ✔️ $5,091


- Country B: ✔️ $3,150


- Country C: ✔️ $16,750




9. Consider the following table displaying annual growth rates for nations X, Y, and Z, each of which

entered 2015 with real per capita GDP equal to $20,000.




- a. The nation that most likely experienced a sizable earthquake in late 2015 that destroyed a

significant portion of its stock of capital goods but was followed by speedy investments in rebuilding the

nation's capital stock is ✔️: X.


Calculate this nation's per capita real GDP at the end of 2018: ✔️ $23,153.




- b. The nation that most likely adopted policies in 2015 that encouraged a gradual shift in production

from capital goods to consumption goods is ✔️: Z.


Calculate this nation's per capita real GDP at the end of 2018: ✔️ $22,945.

, c. Y 2018 per capita real GDP is ✔️: $25,472.




10. Formula for 2018:


\[(20,000 \times 1.04) \times 1.05) \times 1.07) \times 1.09)\]




11. Saving is important for economic growth because


A. Without saving, there cannot be investment, and without investment, there will be less economic

growth. ✔️




12. Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an

estimated 25 percent, or 35 million people, are functionally illiterate. A. Since the development of

human capital is an important determinant of economic growth, Brazil's literacy and reading rates

suggest its potential economic growth rate is lower. ✔️: A.




13. Norway has a more open economy (lower tariff barriers) than Jamaica. Thus it would be expected

that the average annual per capita growth rate of real GDP would be higher in ✔️: Norway.


Free trade encourages economic growth by ✔️: B. encouraging the more rapid spread of technology.




14. An economy has an overall economic growth rate of 4.6%. Growth in the labor force accounts for

2.1%, growth in physical capital accounts for 1.1%, growth in human capital accounts for 0.6%, and

, growth in the productivity of labor and capital accounts for 0.2%. The increase in growth due to

technology in this economy is ✔️: 0.6% (rounded to one decimal place).




15. Typically, countries in which there are few property rights have ✔️: D. less entrepreneurship, which

leads to less investment, which leads to less economic growth.




16. Which of the following is not a true statement about the impact of immigration on economic

growth?


A. Economists agree that population growth through immigration is a drain on the economy because it

lowers per capita GDP. ✔️




17. Typically, modern developed countries have gone through three stages. Initially, countries have most

of the population involved in ✔️: Agriculture.


Secondly, much of the population moves to ✔️: Industry.


Finally, there is a shift toward ✔️: Services.




18. The two key factors that cause labor productivity to increase over time are:


✔️: B. the quantity of capital per hour worked and the level of technology.


In 2002, real GDP in Economika was $7.8 million. There were 2.5 million workers. Thus average

productivity per worker in Economika was $___. (Round your answer to one decimal place.)

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