shortanswer.docx - 1 Explain why economists do not use...

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1) Explain why economists do not use exchange rates to compare standards of living across countries. Also, discuss what economists do to avoid these problems.Answer: Answers should
2) What are the three main conclusions that can be drawn from an analysis of growth rates for developed countries?Answer: There are three main conclusions. First, standards of living have
3) To what extent have the three main facts of growth not held for certain countries? For which countries have they not generally held?Answer: There are three main conclusions. First,
4) Convergence refers to what phenomenon regarding growth theory?Answer: Convergence
5) Discuss and explain what is meant by the "state of technology."Answer: The state of
6) Explain each of the following: (1) constant returns to scale; (2) decreasing returns to capital; and (3) decreasing returns to labor.Answer: All three of these things refer to characteristics of the
8) First, what are the primary determinants of output per worker? And second, to what extent caneach cause a permanent change in economic growth?Answer: The two primary determinants of

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