Economic Growth Redo Questions

Match the following model with its name and what causes it to grow.

• PPC: Growth due to new tech or resources

• 
• AggM:Growth due to new tech or resources

• 
• Business Cycle: Growth due to Real GDP

• 

Which of these examples would describe growth due to technology?

• Harvard College was founded in 1636 and is still open to this day.

• German inventor Johannes Gutenberg invented the printing press

• The U.S funded the building of the Panama Canal, completed in 1914.

• NAFTA was created to promote trade among the North American countries

Which of these examples would describe growth due to a better economic environment?

• Harvard College was founded in 1636 and is still open to this day.

• German inventor Johannes Gutenberg invented the printing press

• The U.S funded the building of the Panama Canal, completed in 1914.

• NAFTA was created to promote trade among the North American countries

Which of these examples would describe growth due to improved physical capital?

• Harvard College was founded in 1636 and is still open to this day.

• German inventor Johannes Gutenberg invented the printing press

• The U.S funded the building of the Panama Canal, completed in 1914.

• NAFTA was created to promote trade among the North American countries

Which of these examples would describe growth due to improved human capital?

• Harvard College was founded in 1636 and is still open to this day.

• German inventor Johannes Gutenberg invented the printing press

• The U.S funded the building of the Panama Canal, completed in 1914.

• NAFTA was created to promote trade among the North American countries

Oliverland has a $1000 GDP and their workers put in 250 hours of labor.

Theaville has a $2000 GDP and their workers put in 400 hours of labor.

Who is more productive?

• Oliverland

• Theaville

• Both

Ecotown has a RGDP of $100 million, with their workers putting in 5 million hours. Their labor productivity is ​ ​ (a)  

Oliverland has a RGDP of $20 billion, with their workers putting in 2 billion hours. Their labor productivity is​ ​ (b)  

Remitopia has a RGDP of $250 million, with their workers putting in 50 million hours. Their labor productivity is​ ​ ​ (c)  

Theaville has a RGDP of $60 billion, with their workers putting in 2 billion hours. Their labor productivity is​ ​ (d)  

• $20 per hour/per person
• $10 per hour/per person
• $5 per hour/per person
• $30 per hour/per person

The US Social Security Administration raises the age requirement for receiving retirement benefits. Will economic growth occur? Which growth factor contributed is the cause? (If none, only select one answer)

• Growth will occur

• Growth will not occur

• Technology

• Human Capital

• Economic Environment

TESLA invents a transportation system that is faster and cheaper than current systems.
Will economic growth occur? Which growth factor contributed is the cause? (If none, only select one answer)

• Growth will occur

• Growth will not occur

• Physical Capital

• Human Capital

• Economic Environment

The US Government commits to only purchase American-made products moving forward. Will economic growth occur? Which growth factor contributed is the cause? (If none, only select one answer)

• Growth will occur

• Growth will not occur

• Technology

• Human Capital

• Economic Environment