Quiz 4 Worksheet.docx - Econ 104 GSG Quiz 4 Review 2.1 Be able to explain why economic growth isn't\"zero sum(notes 2.2 Be able to explain the

Quiz 4 Worksheet.docx - Econ 104 GSG Quiz 4 Review 2.1 Be...

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Econ 104 GSG Quiz 4 Review 3/23/20 2.1. Be able to explain why economic growth isn't "zero sum." (notes) 2.2. Be able to explain the relationship between human health and economic growth. (Ch. 10.1) 2.3. Be able to explain how long run economic growth has dramatically changed life and how novel the last two centuries have been. (Ch. 10.1 and notes) 2.4. Be able to calculate growth rates and doubling times with the Rule of 70. (Ch. 10.1 and notes) 2.5. Be able to explain why small differences in growth rates matter dramatically over long periods. (Ch. 11.1 and notes) 2.6. Be able to explain how real GDP per person is determined by the percent of the population that works and labor productivity (i.e., Y/pop = (L/pop)•(Y/L)). (notes) 2.7. Be able to explain how to use the "per-worker production function" graph and the corresponding equation. (Ch. 11.2 and notes) 2.8. Be able to explain the impact of the capital to labor ratio and technology on economic growth via the per- worker production function. (Ch. 10.1, 11.2, and notes) 2.9. Be able to explain the fundamental role of markets and institutions in economic growth. (Ch. 2.3, Ch. 11.5, and notes) 2.10. Be able to explain how rising productivity can lead to falling employment in a given industry yet is essential for long-run growth. (notes) 2.11 Be able to explain what the future might portend for economic growth in the U.S. (notes)
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