stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Growth: Gangs of New York Flashcards | StudBud
Explore
/
Economic Growth: Gangs of New York
Economic Growth: Gangs of New York
30 terms
·
StudBud Administration
·
269 plays
Review Economic Growth for AP Macro using the final scene from Gangs of New York
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Advances in knowledge =
Invention
Innovation
Infrastructure
Creative base
2
Which of the following would most likely cause an increase long run potential output?
an increase in the price level
a decrease in the labor force participation rate.
an increase in immigration from abroad
decrease in Kapital stock
3
Wanderland remains in a recession. What do Classical theorist suggest will happen to the SRAS?
Remain unchanged
Shift up
Shift right
Shift left
4
An increase in which of the following is most likely to increase employment & promote LR growth
Income tax rates
unemployment compensation
transfer payments
Government spending on Education
5
An increase in which of the following will most likely increase labor productivity?
employment
population growth rate
capital stock
AD
6
A pattern whereby low-income economies can grow faster than high-income economies is
Convergence
Catch Up advantage
Slow growth advantage
Cooperation
7
Which famous economist is credited with the GDP formula?
Adam Smith
John Maynard Keynes
Simon Kuznets
Milton Friedman
8
Making use of inventions to use a new product or service =
Interference
Creative base.
Invention
Innovation
9
Special Economic Zone refers to
special area with reduced taxes to encourage commerce
NAFTA
GATT
TPP
10
In the base year, if nominal GDP is $17 trillion, what is the GDP deflator?
17
You can't tell
100
$17 trillion divided by the previous year's GDP.
11
All the ways existing inputs produce more, higher quality, or new products.
Technocrats
Aggregate Supply
Production function
Technology
12
Infrastructure and plant and equipment used by firms in production.
Convergence
Human Capital
Physical Capital
The military/government industrial complex.
13
Which of the following contributes
most
to Economic Growth in the U.S.?
Physical Capital
Human Capital
Technology
There is no way to know this.
14
Roads, railroad systems, bridges, power grids are all examples of
Infrastructure.
Innovation.
Business environment.
Government spending.
15
Which famous economist said, "In the long run, we are all dead"?
John Maynard Keynes
Frederick Bastiat
Simon Kuznets
Arthur Laffer
16
Technological change refers to
both invention and innovation
advances in techniques
the creation of the internet
advances in knowledge
17
Gross private domestic Investment includes
depreciation of government goods.
new durable goods purchased by households
transfer payments
changes in business inventories
18
How do economists define Economic Growth?
sustained increases in Real GDP per capita.
sustained increases in Real GDP.
increases in output.
a sustained increase in productive capacity.
19
When a worker gets an education or acquires a skill he/she is adding to
natural resources
real capital.
infrastructure
human capital.
20
An increase in the average level of physical and/or human capital per person is referred to as
Capital Stock
Technology
Aggregate Production Function
Capital Deepening
21
Modern Economic growth refers to the
period of rapid growth before the Taft-Hartley act
period of slow growth since 1870
period of rapid growth since the invention of the internet
period of rapid growth since 1870
22
If a worker can produce more per hour, then that worker's _ is increased.
proclivity
wage
factor cost
productivity
23
Most healthy growing economies are
all of the above.
deepening their human and physical capital.
deepening their human capital
increasing technology
24
If China's economy continues to grow at 7.2% for a decade, how with GDP be affected?
It will rise by 72% in 10 years.
It will increase by more than double in 10 years.
It will double in 10 years.
It will fall by 3.8% in 10 years.
25
The rights to enter into agreements with others about the use of property.
Property rights
Contractual rights
Conjugal rights
Personal finance rights
26
Which of the following is NOT correct?
Growth occurs in the Long Run as a rightward shift of LRAS.
Growth is expansion of potential output.
Economists count any output increases as Long Run Growth.
Growth is expansion of production possibilities.
27
Language is important.
The statement is correct. Growth is increases in Output.
The statement in the visual is correct. GDP increases.
Growth is increases in POTENTIAL OUTPUT. Statement is false.
Growth results from a shift of the AD curve.
28
Growing Human Capital and Physical Capital often explains
less than 25% of Economic Growth in the US.
all of the above are true.
about half of Economic Growth in the US.
90% of Economic Growth in the US.
29
Which of the following is least likely to increase economic growth?
Investment in training of labor.
An increase in Consumption of non-durable goods.
Increase in labor force participation rate.
Tax credits for technology improvements.
30
Aggregate
Production Function is
The way a producer combines inputs into outputs.
The level of technology and resources in an economy.
Aggregate Output is a function of Capital (K) and Labor (N)
The way a consumer combines inputs into outputs.
