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Principles of Economics 3e

Review Questions

Principles of Economics 3eReview Questions
13.

How did the Industrial Revolution increase the economic growth rate and income levels in the United States?

14.

How much should a nation be concerned if its rate of economic growth is just 2% slower than other nations?

15.

How is GDP per capita calculated differently from labor productivity?

16.

How do gains in labor productivity lead to gains in GDP per capita?

17.

What is an aggregate production function?

18.

What is capital deepening?

19.

What do economists mean when they refer to improvements in technology?

20.

For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?

21.

List some arguments for and against the likelihood of convergence.

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