Ch 9: Global Economic Growth and Development(100%
Correct answers)
Which variable is used to measure economic growth? correct answersReal GDP
Labor Productivity correct answersTotal Real GDP divided by the number of workers (output
per worker).
Relationship between Saving and Investment correct answersWithout saving, we cannot have
investment, if there is no investment in our capital stock, there would be much less economic
growth.
What is key to the New Growth Theory? correct answersTechnology
Why is Free Trade viewed as key to economic development? correct answersMost economists
believe it benefits both economies involve.
Patent correct answersA government protection that gives an inventor the exclusive right to
make, use, or sell an invention for a limited period of a limited period of time (currently 20
years).
What interaction does the New Growth Theory Examine? correct answersTechnology, Research,
Innovation
Innovation correct answersTransforming an invention into something that is useful to humans.
Creative Destruction correct answersNew production units replace outdated ones.
3 stages of Economic Development correct answersAgricultural, Manufacturing, Service
What do development economist seek to understand? correct answersHow poor countries can be
transformed into prosperous ones.
Correct answers)
Which variable is used to measure economic growth? correct answersReal GDP
Labor Productivity correct answersTotal Real GDP divided by the number of workers (output
per worker).
Relationship between Saving and Investment correct answersWithout saving, we cannot have
investment, if there is no investment in our capital stock, there would be much less economic
growth.
What is key to the New Growth Theory? correct answersTechnology
Why is Free Trade viewed as key to economic development? correct answersMost economists
believe it benefits both economies involve.
Patent correct answersA government protection that gives an inventor the exclusive right to
make, use, or sell an invention for a limited period of a limited period of time (currently 20
years).
What interaction does the New Growth Theory Examine? correct answersTechnology, Research,
Innovation
Innovation correct answersTransforming an invention into something that is useful to humans.
Creative Destruction correct answersNew production units replace outdated ones.
3 stages of Economic Development correct answersAgricultural, Manufacturing, Service
What do development economist seek to understand? correct answersHow poor countries can be
transformed into prosperous ones.
