Review for Exam #4 - Jack Brinck Review for Exam Econ...

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Jack Brinck 11/7/06 Review for Exam Econ. growth= growth in GDP or per capita output Main factor that determines output in US= technological advance If technological advance is not an option, capital and labor causes econ. growth. One way to measure technology is to look at the residual Output-(K+L)= residual… residual=technological advance. Increase share of I to GDP to grow econ. International Monetary Fund’s (IMF) Main Objectives: -Stabilize exchange rates -Stabilize currencies - Its focus is short term (3 month period) World Bank : institution of the IMF. Created for the long term econ. development of poor countries. Gives loans to poorer nations. GATT (General Agreement on Trade and Tariffs): created to promote exports of poor countries to rich countries. GATT was succeeded by the WTO (World Trade Organization): primary objective is to engage in dispute resolution between counties. Factors of production: 75% of natl. income goes to labor. Roughly stable. 25% left goes to property and to profit.
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