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19 Cards in this Set
- Front
- Back
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What is the best measure of economic growth? |
Real GDP per capita |
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If the real output of an economy increased from $2000 bil to $2100 bil in 1 year, the rate of growth of real output during that year would be... |
...5% |
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What is a benefit of real economic growth to a society? |
The standard of living increases |
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A supply factor in economic growth would be... |
...improvement in quality of labor |
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An institutional structure that most promotes economic growth.. |
Enforcing property rights |
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"Sustained and ongoing increases in living standards that can cause dramatic increases in a human lifetime" |
Modern economic growth |
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What is a demand factor in economic growth? |
An increase in purchasing power |
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Total output or real GDP in any year is equal to... |
Worker-hours multiplied by labor productivity |
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When combined with the growth of labor productivity, accounts for long term economic growth in the US |
Increase in the quantity of labor |
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The factor accounting for the largest increase in the productivity of labor in the US has been... |
Technological advance |
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How does a nation acquire more capital goods? |
By saving income and using it for capital investment |
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An example of US public investment in infrastructure would be.. |
An interstate highway |
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What do economists call the knowledge and skills that make a productive worker? |
Human capital |
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Economic concept that would relate to large scale producers using computerization and robotics |
Economies of scale |
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Core element of the productivity speedup in recent years is based on |
Advances in information technology |
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Increasing returns would be a situation where a firm |
Doubles its workforce and other inputs, and it's output triples |
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What would be a source of increasing returns and economies of scale within the recent rise in the average or productivity growth? |
Simultaneous consumption |
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A skeptic of the longevity of the increase in productivity growth would argue that it is... |
Based on a short-run trend |
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Defenders of rapid economic growth say that it... |
Leads to higher living standards |
