Here you use the Rule of 70; you would have 70/10 = 7 -- this means that real GDP doubles in about 7 years when growing at 10% a year. Keep in mind that the Rule of 70 can be used for the growth of anything. 1 / 1 ړ ᳯ᷌ 4 Labor productivity is best described as ___. the skills of one worker how much one worker can produce ྋᏟ ྋᏟ ! real GDP nominal GDP This is the straight definition from class. 1 / 1 ړ ᳯ᷌ 5
2019/12/23 下午 12(08 Long Run Growth I: Econ 104 , Sec. 3 , Fa19 第 4 页（共 8 页） The long run rate of growth of the U.S. is about ___. 1% 2% ྋᏟ ྋᏟ ! 8% 9% We computed this value in class. 1 / 1 ړ ᳯ᷌ 6 Which of the following is the most remarkable element of the Chinese economy? its level of real per capita GDP its inflation rate its growth rate ྋᏟ ! its unemployment rate
2019/12/23 下午 12(08 Long Run Growth I: Econ 104 , Sec. 3 , Fa19 第 5 页（共 8 页） We computed this number in class. While not mentioned then, no large country has grown so fast for so long. 1 / 1 ړ ᳯ᷌ 7 Rising real incomes are due to ___. the minimum wage a rising number of workers in the economy a falling number of workers in the economy workers becoming more productive ྋᏟ ྋᏟ ! Recall how in class we described that the U.S. is a rich country (to be precise, GDP per person is roughly $50,00 a person (and here we're interpreting GDP as income)) and that this is due to highly productive workers. The productive workers earn a lot and this leads to high incomes.
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- Fall '10