Comparative GDP

A. 3.1 percent
B. 3.0 percent
C. 18.6 percent
D. 18.0 percent

A. increase expenditure on public education
B. eliminate civil war
C. All of these answers would increase growth
D. increase restrictions on the importing of American tractors and electronics

A. how hard we work:
B. our supply of capital because everything of value is produced by machinery
C. our productivity because our income is equal to what we produce
D. our supply of natural resources because they limit production

A. Productivity growth has been steady over the last 50 years
B. Productivity has been growing more slowly every decade since world War II
C. Productivity grew quickly in the 1950s and 1960s more slowly from the early 1970s through 1995 and then quickly again
D. Productivity grew slowly from the 1950s through the 1970s and then began to accelerate probably due to advances in computer technology

A. There is no evidence, yet that rapid population growth stretches natural resources to the point that it limits growth in productivity
B. All of these answers
C. Rapid population growth may dilute the capital stock lowering productivity
D. Rapid population growth may promote technological progress increasing productivity.

A. doubling all of the inputs more than doubles output due to the catch-up effect
B. doubling all of the inputs has absolutely no impact on output because output is constant
C. doubling all of the inputs less than doubles output due to diminishing returns
D. doubling all of the input’s doubles output

A. labor
B. physical capital/worker
C. human capital/worker
D. natural resources/worker

A. it no longer needs any human capital
B. capital becomes more productive due to the “catch-up- effect”
C. none of these answers
D. it may be harder for it to grow quickly because of the diminishing returns to capital

A. They save and invest an unusually high percentage of their GDP
B. They have always been wealthy and will continue to be wealthy, which is known as the “snowball effect”
C. They are imperialists and have collected wealth from previous victories in war
D. They have enormous natural resources.

A. encourage foreigners to investment in your country
B. encourage saving and investment
C. nationalize major industries
D. encourage research and development
E. Promote free trade