Which of the following countries had the LOWEST average annual growth rate of GDP per capita between 1988 and 2010?
A. Egypt
B. Ghana
C. Tanzania
D. Thailand
E. United States
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Which of the following countries annual growth rate of GDP per capita between 1988 and 2010 was closest to that of the United States?
A. China
B. Egypt
C. Indonesia
D. Tanzania
E. Thailand
Which of the following economists did NOT significantly contribute to the debate on exogenous versus endogenous growth?
A. Robert Barro
B. Gregory Mankiw
C. Robert Lucas
David Ricardo
E. Paul Romer
A production function that assumes a diminishing marginal product of capital
A. generates a straight savings line
B. ensures that the savings line is always above the investment requirement line
C. ensures that the savings line and the investment requirement line cross
D. is essential to the endogenous growth model
E. violates important microeconomic principles
The concept of diminishing marginal returns implies that
A. output cannot decrease as long as labor is substituted for capital
B. output decreases if either labor or capital is decreased
C. output increases but at a decreasing rate as the amount of labor is increased and the amount of capital remains fixed
D. if the capital stock is kept constant, output cannot increase even if more labor is available
E. output increases but only if the amounts of both labor and capital increase
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