Question 1

Suppose k, l, and A grow at constant rates given by  and 
What is the growth rate of y if

Accepted Answer

Since y is the product of k, l, and A, we can use the product rule of differentiation to find the growth rate of y. 
dy/dt = (dk/dt) * l * A + k * (dl/dt) * A + k * l * (dA/dt)

Substituting the given growth rates, we get:
dy/dt = (0.4) * 6 * 4.5 + 1.5 * (0.8) * 4.5 + 1.5 * 6 * (0.2) = 10.8

Therefore, the growth rate of y is 10.8.
The closest option is B, 11eab38d_076f_5a3a_a5fb_f30c05dab086_TB6622_11.

Question 2

If France's per capita GDP is $5,000 in 1950 and Portugal's is $2,500, but Portugal is growing faster, the expectation that sometime in the future Portugal's per capita GDP will equal that of France is called economic:

Accepted Answer

The expectation that Portugal's per capita GDP will eventually equal France's due to faster growth is known as economic convergence.

Question 3

Over the past two decades, China's per capita GDP grew an average of about ________ percent.

Accepted Answer

According to the information provided, China's per capita GDP grew at an average rate of about 8 percent over the past two decades.

Question 4

Suppose k, l, and m grow at constant rates given by  
And 
What is the growth rate of y if

Accepted Answer

The answer of Suppose k, l, and m grow at...

Question 5

Between 1960 and 2014, which of the following countries was among the fastest growing?

Accepted Answer

The answer of Between 1960 and 2014, which of the...

Question 6

Between 1986 and 2014, India's per capita GDP growth rate averaged about ________ percent, which was slower than in China. As a result, by 2014 China's per capita GDP was about ________ of the U.S. level, whereas in India it was about ________.

Accepted Answer

The answer of Between 1986 and 2014, India's per capita...

Question 7

When a lower-income economy's GDP is able to "catch up" with a higher-income economy's GDP, this behavior is related to an important concept in the study of economic:

Accepted Answer

The concept in question is convergence, which refers to the tendency for lower-income economies to grow faster than higher-income economies and eventually "catch up" to them in terms of GDP per capita. This is a key topic in the study of economic growth.

Question 8

Suppose k, l, and A grow at constant rates given by  
And 
What is the growth rate of y if

Accepted Answer

The answer of Suppose k, l, and A grow at...

Question 9

In 1960, approximately ________ of the world's population lived on less than $7 per day; by 2004, it ________ to ________ of the population.

Accepted Answer

In 1960, a significant portion of the world's population lived in poverty, with two-thirds living on less than $7 per day. By 2004, due to economic growth and development efforts, this number significantly decreased to less than 10 percent.

Question 10

Between 1960 and 2014, the fraction of the world's population that lived on $7 a day or less ________. This can be attributed to, in large part, ________.

Accepted Answer

Economic growth in China and India has led to a significant reduction in poverty rates and an increase in the standard of living for many people.

Question 11

Of the following countries in 2014, ________ had the highest per capita GDP, and in 1950, ________ had the lowest per capita GDP.

Accepted Answer

According to historical statistics, in 2014, Luxembourg had the highest per capita GDP and in 1950, China had the lowest per capita GDP. Therefore, the correct answer is B.

Question 12

Suppose k, l, and m grow at constant rates given by  
And 
What is the growth rate of

Accepted Answer

The answer of Suppose k, l, and m grow at...

Question 13

Which of the following had a negative growth rate over the past 50 years?

Accepted Answer

The answer of Which of the following had a negative...

Question 14

In 1960, approximately ________ of the world's population lived on less than $7 per day, and the rate has ________ steadily since.

Accepted Answer

In 1960, about two-thirds of the world's population lived in extreme poverty (less than $7 per day), and the rate of extreme poverty has fallen steadily since due to global economic growth, development programs, and international aid.

Question 15

Suppose k, l, and A grow at constant rates given by  
And 
) What is the growth rate of y if

Accepted Answer

The answer of Suppose k, l, and A grow at...

Question 16

Between 1960 and 2014, which of the following countries was among the slowest growing?

Accepted Answer

Uganda was among the slowest growing countries between 1960 and 2014, with an average annual growth rate of 1.7%. The other countries listed all had average annual growth rates above 4%.

Question 17

In 2014, which of the following had a per capita GDP higher than the United States?

Accepted Answer

In 2014, Singapore had a per capita GDP higher than the United States. According to World Bank data, Singapore's per capita GDP was $55,182 in 2014, while the United States' was $54,597. The other countries listed (United Kingdom, Germany, Japan, and Greece) all had per capita GDPs lower than the United States in 2014.

Question 18

Suppose k and l grow at constant rates given by  and 
What is the growth rate of y if

Accepted Answer

The answer of Suppose k and l grow at constant...

Question 19

In 2014, approximately ________ of the world's population lived on $7 a day or less.

Accepted Answer

The answer of In 2014, approximately ________ of the world's...

Question 20

Suppose K and L grow at constant rates given by  and 
What is the growth rate of y if

Accepted Answer

The answer of Suppose K and L grow at constant...

Quiz 3: An Overview of Long-Run Economic Growth

Suppose k, l, and A grow at constant rates given by and What is the growth rate of y if

If France's per capita GDP is $5,000 in 1950 and Portugal's is $2,500, but Portugal is growing faster, the expectation that sometime in the future Portugal's per capita GDP will equal that of France is called economic:

Over the past two decades, China's per capita GDP grew an average of about ________ percent.

Suppose k, l, and m grow at constant rates given by And What is the growth rate of y if

Between 1960 and 2014, which of the following countries was among the fastest growing?

Between 1986 and 2014, India's per capita GDP growth rate averaged about percent, which was slower than in China. As a result, by 2014 China's per capita GDP was about of the U.S. level, whereas in India it was about .

When a lower-income economy's GDP is able to "catch up" with a higher-income economy's GDP, this behavior is related to an important concept in the study of economic:

Suppose k, l, and A grow at constant rates given by And What is the growth rate of y if

In 1960, approximately of the world's population lived on less than $7 per day; by 2004, it to of the population.

Between 1960 and 2014, the fraction of the world's population that lived on $7 a day or less . This can be attributed to, in large part, .

Of the following countries in 2014, had the highest per capita GDP, and in 1950, had the lowest per capita GDP.

Suppose k, l, and m grow at constant rates given by And What is the growth rate of

Which of the following had a negative growth rate over the past 50 years?

In 1960, approximately of the world's population lived on less than $7 per day, and the rate has steadily since.

Suppose k, l, and A grow at constant rates given by And ) What is the growth rate of y if

Between 1960 and 2014, which of the following countries was among the slowest growing?

In 2014, which of the following had a per capita GDP higher than the United States?

Suppose k and l grow at constant rates given by and What is the growth rate of y if

In 2014, approximately ________ of the world's population lived on $7 a day or less.

Suppose K and L grow at constant rates given by and What is the growth rate of y if