a. B) $60. D) $200. and Economic growth will _______ the burden of scarcity. Compared to the beginning of the Industrial Revolution, living standards around the world: C) currently show considerably more variation between rich and poor countries. Question: a. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. The growth-promoting institutional structure that involve banks and the stock bond markets are called efficient _______ institutions. Become a Study.com member to unlock this What are the characteristics of the major institutional structures that form the foundation for modern economic growth? over a - Definition & Principles, What is Per Capita Income? Real GDP divided by the size of the population is called: The best economic growth measurement to compare living standards is: The expansion of total output relative to population results in which of the following? An important source of increasing labor productivity is: an increase in the ratio of capital to labor. The quality and quantity of human resources; The quality and quantity of natural resources; The stock of capital goods; The level of technology. a to 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). its production capacity? 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. Economic growth is an increase in the amount of goods or services produced per capita over a certain period of time. Living standards in ancient Rome remained relatively constant for 1000 years because: A) population increased at approximately the same rate as output, leaving output per person unchanged. a. 1776 when Scottish inventor James Watt perfected a powerful and efficient steam engine. This system groups these elements into two main categories: Highways and bridges, public transit systems, wastewater treatment facilities, water systems, airports, educational facilities, and so on. The five factors that, together appear to explain changes in productivity growth rate are technological advance, quantity of _______, education and training, economies of scale, and improved _______ allocation. answer! 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. 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 economy doubles in 5 years the annual rate of growth is... Our experts can answer your tough homework and study questions. B. argue that economic growth does not resolve socioeconomic problems such as an unequal distribution of income and wealth. Refer to the figure below and assume that the combined consumer goods + capital goods values for points a, b, and c are $10 billion, $20 billion, and $15 billion respectively. a. 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. If the economy moves from point a to point b over a 2-year period, what must have been its annual rate of economic growth? An increase in a firm's output by a larger percentage that the percentage increase in its inputs. - Definition & Examples, Neoclassical Economics: Definition, Theory & Model, Multiplier in Economics: Definition, Effect & Formula, What is a Developing Nation? Which of the following are among the major institutional structures that form the foundation for modern economic growth? positively influenced by information technology because it connects information in all parts of the world with information seekers. Achieving greater productivity and lower average total cost through gains in knowledge and skill that accompany repetition of a task; a source of economies of scale. Increases in the value of a product to each user, including existing users, as the total number of users rises. © copyright 2003-2020 Study.com. 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. Characterized by sustained and ongoing increases in living standards that cause dramatic increases in the the standard of living within less than a single human lifetime. A new firm focused on creating and introducing a particular new product or employing a specific new production or distribution method. C) $100. View desktop site. | at the The purchase of corporate stock is considered: If all prices could quickly adjust to unexpected changes in demand: B) output would remain constant and resources remain fully employed. Economic growth allows a society to consume: a wider variety of goods; more goods and services; high quality goods. - Definition & Example, Intro to Excel: Essential Training & Tutorials, Praxis Economics (5911): Practice & Study Guide, Introduction to Business: Homework Help Resource, Introduction to Management: Help and Review, Holt McDougal Economics - Concepts and Choices: Online Textbook Help, Intro to Business Syllabus Resource & Lesson Plans, Biological and Biomedical Omega's labor force is underemployed or Omega workers place a higher value on leisure than those in Alpha. c are A quantitative grasp of the effect of economic growth. - An increase in real GDP occurring over some time period. - Definition & Explanation, Human Capital Theory: Characteristics & Investment, Social & Economic Measures of Development, Inflation: Definition, Types, Causes & Effects, What is a Developing Economy? According to economic historians, modern economic growth first happened in. - Definition, Theories & Indicators, What is Economic Development? a. Create your account. - 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? 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. (institutional structures that promote modern economic growth), (physical ability of the economy to expand- any increases in these will increase the potential size of an economy's GDP). a higher standard of living provided that the population does not grow even faster. a, $20 billion, $40 billion, and $28 billion respectively. economy moves from point If the price of a gardenburger is $5, Mr. Lingle's monthly income is A) $20. Since at least 1995 the majority of increases in U.S. real GDP are from. 3. If the annual growth in a nation's productivity is 2.5 percent rather than 1.5 percent, then the nation's standard of living will double in about: Which is best considered a supply factor for long-run economic growth? If the The two supply-side elements of real GDP are: increases in labor productivity; increases in hours worked. An unexpected drop in consumer spending would be classified as a: B) prices are inflexible and demand unexpectedly falls to DL. If the There are, as always in that model, constant returns to scale. D. can grow either more slowly or more rapidly than real GDP. increasing, then the amount of output available per capita for workers to buy will be growing so more can be purchased. Refer to the figure above and assume that the... a. A decline in a nation's rate of productivity growth will: C. Slow the growth of the standard of living. 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. The growth rate is the rate of change in the economy. Which three factors transformed industry during... What are the steps mining companies are taking to... What were politics like in England from 1600 to... After reviewing the types of investments companies... How did the American two-party political system... How did machines change workers' lives during the... How did the writings by Queen Elizabeth I affect... How are operational costs of an agricultural firm... How did the coming of immigrants help the... What Is Economic Growth and Development? Assume Mr. Lingle is on budget constraint AC. - Definition, Characteristics & Features, What is Macroeconomics? The knowledge and skills that make a worker productive. positively influenced by information economies of scale because expanding production has a very low marginal cost. What are the four supply factors of economic growth? Reductions in per-unit production costs that result from increases in output levels. Refer 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? higher standards of living; rising incomes; rising real wages. $20 billion, $40 billion, and $28 billion respectively. Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has real GDP per capita of $20,000. A nation's real GDP in any year depends on the input of labor (measured in hours of work) multiplied by labor productivity (measured as real output per hour of work): The percentage of the working-age population actually in the labor force.
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