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Econ Ch 7
Terms in this set (11)
When considering the model of aggregate supply and aggregate demand, what do economists predict is the impact of technological advances on worker productivity?
Advances in technology increase worker productivity.
Which of the following factors determine labor productivity?
technological change, human capital, economies of scale
Technological change is a combination of which two concepts
Labor productivity is defined as ________.
the value of what is produced per hour (or other unit) by a worker
Which of the following best defines the concept of human capital?
the level of knowledge, education, and skills a worker possesses
Which of the following best helps to explain why low and medium-income economies grow faster than high-income economies?
law of diminishing returns
Which of the following explains why convergence between high-income countries and the rest of the world may not be likely?
1) High-income countries have been building up their advantage in standard of living over decades, so low-income countries may have a hard time catching up even at high growth rates 2) Low-income countries have many opportunities to copy and adapt technology, but they often lack the appropriate supportive economic infrastructure and institutions 3) Even though high-income economies may be growing at a slower rate, they continue to improve technology and invest in deepening their human and physical capital.
Which of the following orders the growth rate of economies from fastest to slowest according to the pattern of convergence?
low-income, medium-income, then high-income economies.
In economic terms, new roads are considered _______.
Low-income economies grow faster than high-income economies because _______.
1) investing in capital deepening in low-income economies has a greater effect than in high-income economies 2) improving technology is easier in low-income countries, 3) low-income economies are more likely to learn from the successes of successful economies
Which of the following two countries are "fast growth" countries?
Select all that apply:
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