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Macroeconomics > Chapter 8 Quiz > Flashcards

Chapter 8 Quiz Flashcards

1
Q

Economic Growth

A

Economic growth is an increase in real output (GDP) or real output per capita

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2
Q

Changes in Real GDP

A

Occurs over a period of time, used for measuring military expansion or political preeminence, cited by the news

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3
Q

Changes in Real GDP Per Capita

A

Growth in Real GDP does not guarantee growth in Real GDP Per Capita. Used for comparison of living standards. Real GDP per capita = Real GDP / Population

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4
Q

Rule of 70

A

approximate number of years required to double = 70 / annual percentage rate of growth

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5
Q

Institutional features that sustain modern economic growth

A

Strong Property Rights, Patents & Copyrights, Efficient Financial Institutions, Literacy & Widespread Education, Free Trade, Competitive Market System, Stable Political System, No Social or Moral Taboos on Production and Material Progress

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6
Q

Determinants of Growth and Average Labor Productivity

A
  1. Full Employment 2. Aggregate Demand 3. Human or Labor Capital 4. Capital Intensive 5. Natural Resources 6. Technologies 7. Management and Entrepreneurship 8. Social and Legal Environment
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Macroeconomics (13 decks)

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