7

Question 1

How is economic growth measured over time?

Answer 1

As a positive growth in gdp per capita over time

Question 2

How much has real GDP per capita grown since the 1960s in the United States?

Answer 2

four times as much about

Question 3

What are the two factors that affect the level of real GDP per capita?

Answer 3

Time and growth rates

Question 4

What is the rule of 70?

Answer 4

the amount of time taken to double a variable
doubling time = 70/growth rate percentage

Question 5

What positive outcomes are economic growth correlated with?

Answer 5

infant survival rates, life expectancy, less civil wars/riots, more education leisure and entertainment

Question 6

What are 3 key facts about economic growth?

Answer 6

Real GDP per capita varies immensely
Everyone used to be poor
There are growth miracles and growth disasters

Question 7

What are the causes of economic growth?

Answer 7

Land, labor, capital (physical and human), ideas

Question 8

What are examples of incentives and institutions that promote economic growth?

Answer 8

property rights, honest government, political stability, dependable legal system, competitve/open markets