What two variables are most important for sustained long-run growth? options: Increasing capital and increasing total factor productivity Decreasing taxes and increasing government expenditures Increasing money supply and decreasing interest rates Increasing consumption and increasing investment in inventories

What two variables are most important for sustained long-run growth? options: Increasing capital and increasing total factor productivity Decreasing taxes and increasing government expenditures Increasing money supply and decreasing interest rates Increasing consumption and increasing investment in inventories

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter6: Business Cycles And Unemployment

Section: Chapter Questions

Problem 15SQ

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The Trump administration's policies to increase long-run economic growth included all of the following except A. increasing the employment–population ratio. B. reducing business taxes to increase investment spending. C. increasing business startups by reducing regulations and taxes on small businesses. D. raising the federal minimum wage.
Which of the following is a true statement? Multiple Choice Economists who support economic growth say that it is the most practical route to the higher standards of living that the vast majority of people desire. Most economists believe that the recent rise in the average rate of productivity growth implies an end to the business cycle. Most economists believe that increases in real GDP actually produce decreases in overall economic well-being because of spillover costs. Mainstream economists disagree as to whether the rate of productivity growth was higher between 1995 and 2012 or between 1973 and 1995.
The great 18th century economist Adam Smith wrote “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.” Explain how each of the three conditions Smith describes might promote long run economic growth.
Based on the Neoclassical Growth Model explain in detail what are the critical determinants of economic growth. Also, specify related assumptions.
Four of the determinants of economic growth relate to supply side, i.e. the physical ability of the economy to produce. Which of the following is not one of those? Select one: a. Increases in the quantity and quality of natural resources. b. Increases in the supply (or stock) of capital goods. c. Improvements in technology. d. Increases in the quantity and quality of human resources. e. Efficient financial institutions
Explain the difference between long-run and short-run economic growth!
Identify one developed and one developing country. Research their recent economic growth rates. Analyze differences in the countries that would help lead to different rates of economic growth. In your response, be sure to avoid analyzing short-run factors of economic performance and focus on the factors that affect long-run economic growth.
Assume a hypothetical society that decides to reduce consumption (production of consumption goods) and increase investment (production of capital goods). How would this change affect economic growth? What groups in society would benefit from this change? What groups might be hurt?
List the two most important factors influencing Long-run Economic Growth. According to Neoclassical (Solow) growth theory, what factor has been the most important driver of US economic growth in the last century? What has been the most important influence on growth according to New Growth Theory?
Explain the difference between the Big push theory by Rosenstein Rodan and the Hirschman theory of economic growth
Does the relative durations of expansions and recessions help explain the fact that long-term economic growth has been positive?
Consider an economy in which the labour force grows by 2.7 percent per annum, physical capital grows by 4 percent per annum and human capital grows by 1.8 percent per annum. Suppose 45 percent of national income goes to labour and 40 percent to capital. Use a constant returns to scale production function to answer the following growth accounting questions: (a) If the Solow residual were zero what rate of growth would the economy achieve? (b) The country's actual rate of growth has been 4.5 percent per annum, which is faster than the growth rate generated by the accumulation of capital and labour stocks. Calculate the value of the residual.

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	Increasing capital and increasing total factor productivity
	Decreasing taxes and increasing government expenditures
	Increasing money supply and decreasing interest rates
	Increasing consumption and increasing investment in inventories