Econ 131- Chap 7

_____________________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

In the long run, the most important source of increase in a nation's standard of living is a:

In macroeconomics, the connection from inputs to outputs for the entire economy is called _______________.

The value of what is produced per worker, or per hour worked, is called ____________.

When society has a higher level of capital per person, it is called ______________.

A nation can achieve higher economic growth if:

Investment in human capital: A. is of minor importance to economic growth. B. can be acquired through on-the-job training. C. is an important source of economic growth. D. is characterized by both b) and c).

Economists typically measure economic growth by tracking:

Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha's GDP will be approximately _________ that of Country Beta.

Which of the government policies below is most unlikely to encourage per capita economic growth?

Increased investment alone will guarantee economic growth.

Which of the following best describes the relationship between economic growth and literacy?