TCU Macroeconomics Nicar 2 – Questions With Right Solutions

TCU Macroeconomics Nicar 2 – Questions With
Right Solutions

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Practice questions for this set


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Direct government funding for research & development, government subsidies
to private sector research & development, patent protection and property
protection



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Aggregate Production Function
1 Short Run (Business Cycle) 2
Formula

, If real GDP per capita is growing at an
Government role in increasing total
3 annual growth rate of 3.5%, it will 4
factor productivity
double in:



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Terms in this set (50)



Short Run (Business Cycle) output and income mostly influenced by the
demand side of the economy, policy focused on
preventing/mitigating recessions. time scale is
months to years


Long Run output and income mostly influenced by the supply
side of the economy, policy focused on long-run
growth rate of incomes and living standards,
increasing productivity. time scale is decades.


Real GDP Per capita Real GDP/Population


The rule of 70 Doubling time (in years) = 70/Annual growth rate of
X (in %).


If real GDP per capita is growing at an 70/3.5 = 20 years
annual growth rate of 3.5%, it will
double in:


How do you increase GDP/Income Output per worker, or productivity
per person?


Labor productivity Output per worker


How do you increase productivity? Increases in physical capital, human capital, and
technological progress