The transformation of something new, such as an invention, into something that benefits the economy is known as
A) an innovation.
B) a patent.
C) an externality.
D) a compounder.
92) New growth theorists believe that
A) wealth creation comes from innovation.
B) wealth creation comes from saving.
C) wealth creation is due to capital spending and not research and development spending since much research and development spending fails to produce an invention.
D) inventions spread very rapidly, thereby curtailing the need for more innovations.
93) Human capital is
A) the saving done by human beings.
B) the knowledge and skills that people in the work force acquire through education and training.
C) a measure of the labour productivity of workers.
D) the investment people make in industries that make capital goods.
94) Paul Romer's theory on the importance of knowledge differs from traditional theory in that
A) Romer argues that an investment-knowledge cycle allows a once-and-for-all increase in investment to permanently raise a country's growth rate, while traditional theory argues that a once-and-for-all increase in investment leads to a higher standard of living but not to a higher growth rate.
B) Romer argues that investment is not important in promoting growth, but that the acquisition of knowledge is the sole determinant of economic growth.
C) Romer argues that an investment-knowledge cycle exists which requires that investment rates keep increasing or else growth rates will fall, while traditional theory argues that growth rates would not fall, although they would not increase either.
D) Romer emphasizes investment rates while traditional theory emphasizes the importance of knowledge as a factor of production.
95) According to economist Paul Romer, economies that wish to experience growth must
A) invest most of their savings in national defense.
B) invest in knowledge.
C) drastically lower their standards of living.
D) become command economies.
96) According to Romer,
A) capital drives economic growth.
B) invention drives economic growth.
C) ideas drive economic growth.
D) government drives economic growth.
97) Population growth generally
A) encourages technological approach which increases economic growth.
B) increases economic growth by stimulating more savings.
C) reduces economic growth because more people are a drain on the limited resources.
D) has no effect on economic growth on average.
98) An example of a cost of economic growth is
A) longer life spans.
B) political instability.
C) environmental disasters.
D) increases in illiteracy.
99) Sustainable development means
A) increases in per capita real GDP measured by its rate of change per year.
B) method of redistributing income to the poorest in society.
C) improvements in labour productivity which lead to greater economic growth and higher living standards.
D) economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
100) The main benefit to economic growth is
A) sustainable development.
B) higher standard of living.
C) environmental disasters.
D) uneven consumption around the world.
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