Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?
A government policy to build bridges and dams is an example of a policy to promote economic growth by:
Increasing physical capital.
In order to increase the capital stock, society must divert ______ that could be otherwise used to increase the supply of _____.
Resources; consumer goods
One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2008 was increased:
Female labor force participation
The biggest barrier to growth for many of the poorest countries in the world is the need for:
Improved legal and political framework
Government policies that increase the long-term economic growth rate by a small amount result in ______ in average living standards.
Over the period from 1870 to 2008, the growth of real GDP per capita tended to be more rapid between _____, particularly for _____.
Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 3 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
The absence of which of the following leads to constant shortages and shoddy goods under communism?
In order to promote growth through increased quantities of physical capital, governments must promote:
High rates of saving and investing