CH 14

Question 1

Exponential growth

Answer 1

When a quantity grows at a given percentage rate

Question 2

Rule of 72

Answer 2

A variable’s approximate doubling time equals 72 divided by the growth rate, stated as a whole number

Question 3

Output per capita

Answer 3

Real GDP per person

Question 4

Aggregate production function

Answer 4

Function that relates the total output of an economy to the total amount of labor employed in the economy, all other determinants of production (capital, natural resources, and technology) being unchanged

Question 5

Productivity

Answer 5

The amount of output per worker