One-third of the world's population live in China and India. How did the growth rate of these two countries compare with the growth of high income industrial countries during 1980-2009?
a. Per capita GDP increased less rapidly in China and India than in the high income industrial countries.
b. Per capita GDP increased more rapidly in China and India than in the high income industrial countries.
c. China grew more rapidly than the high income industrial countries, but India grew less rapidly.
d. India grew more rapidly than the high income industrial countries, but China grew less.
B
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During recessions, unemployment ________ while the budget deficit as a percentage of GDP ________
A) increases; increases B) decreases; increases C) decreases; decreases D) increases; decreases
Growth of output per person at a constant rate is referred to as ________
A) a balanced growth path B) a steady state C) a ratio scale D) an amplification effect
All of the following would shift the LRAS curve to the right EXCEPT
A) an increase in the size of the labor force. B) a net inflow of human capital. C) an increase in the overall price level. D) an improvement in technology.
When FDI occurs, what are the longrun effects of FDI on industry output in the recipient nation?
a. There is no change in either the output of the capitalintensive or the laborintensive industry. b. The laborintensive industry expands; the capital intensive industry contracts. c. The capitalintensive industry expands; the labor intensive industry contracts. d. Both capital and laborintensive industries expand in the same proportion.