Lec 4 Stylized facts about economic growth

Question 1

_____ is the main determinant of living standards

Answer 1

per capita income

Question 2

There are huge differences in per capita income across _____, ____ and _____

Answer 2

countries; regions within countries; time

Question 3

Growth miracles include _____

Answer 3

Hong Kong, Singapore, Taiwan, South Korea

Question 4

Growth disasters include _______

Answer 4

Venezuela, Madagascar, Mali, Chad

Question 5

Before Industrial Revolution in 1800, _______ of the world was negligible. After 1800, it increases.

Answer 5

GDP per capita growth rate

Question 6

In US, over the last century, _____, _____ and _____ have been roughly constant.

Answer 6

per capita income growth rate; real return on capital; factor shares in output

Question 7

Growth in output = growth in _____ + growth in ______

Answer 7

inputs (capital and labour); productivity

Question 8

Growth in inputs cannot be _______

Growth in productivity ____ ________

Answer 8

sustained

may be sustainable