Which of the following is a cost of economic growth? (a) umprovements in technology (b) declining future living standards (c) current saving must be sacrificed to increase investment in capital goods (d) reduced interest rates (e) the effect on workers whose skills are made obsolete by technical change

Which of the following is a cost of economic growth? (a) umprovements in technology (b) declining future living standards (c) current saving must be sacrificed to increase investment in capital goods (d) reduced interest rates (e) the effect on workers whose skills are made obsolete by technical change

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

What are the arguments for and against Economic Growth? Write in four paragraphs
What is the implication of economic growth for our economy , society and environment?
1. Over the period from B.C. 10,000 to A.D. 1, the world population is estimated to have increased from 4 million to 170 million, while the level of income per capita was constant over time. Assuming that the quantities of human and physical capital per worker did not change, and that the exponent on land in the production function is one-third, calculate the growth rate in productivity over this period. What was the annual growth rate of productivity, A?
Economic Growth – End of Chapter Problem Discuss an example of technological progress not mentioned in the chapter and how it impacted economic growth. a. Henry Ford revolutionized the automobile industry with new production techniques for the Model T. He introduced an assembly line process, replacing the previous process which had required the workers and their equipment to move around the plant to each car that was being built. This technological change made workers much more b. Ford also instituted an 8-hour work day and a minimum wage of $5 per day. This increased workers' and, for the first time, automobiles were affordable for large numbers of people. More customers meant production of the Model T generated , lowering the average cost to produce a car. These productivity gains enabled Ford to lower the price of the Model T from $825 in 1908 to $260 in 1925.
A country's rate of economic growth is important because. A) an economy that grows too slowly is always involved in human rights violations. B) a slowly growing economy always invades its neighboring countries in search of wealth. C) a slowly growing economy experiences very slow growth in population. D) an economy that grows too slowly fails to raise living standards of its citizens.
What is the growth rate of output per person in this economy?
Which of the following would not affect labor productivity, i.e. more output per unit of labor hour? Select one: a. When interest rates decrease and government spending increase. b. when labor is reallocated from less-efficient industries to more-efficient industries. c. when production is better organized and managed d. technological progress e. the health, training, education, and motivation of workers improve f. the quantity of capital goods available to workers
56. Which of the following is a cost of economic growth? improvements in technology current saving must be sacrificed to increase investment in capital goods the effect on workers whose skills are made obsolete by technical change reduced interest rates declining future living standards
Why Are the Factors of Production Important to Economic Growth?
The relationship between education and economic growth micro or macro economics?
WHAT IS THE IMPORTANCE OF ECONOMIC GROWTH?
Why does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?