Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Question
Chapter 31, Problem 2.9P
Sub part (a):
To determine
The role of spending on research and development on the productivity and growth in an economy.
Sub part (b):
To determine
The role of government regulations on the productivity and growth in an economy.
Sub part (c):
To determine
The role of changes in human capital on the productivity and growth in an economy.
Sub part (d):
To determine
The role of output per worker hour on the productivity and growth in an economy.
Sub part (e):
To determine
The role of embodied technical change on the productivity and growth in an economy.
Sub part (f):
To determine
The role of disembodied technical change on the productivity and growth in an economy.
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Students have asked these similar questions
For each part below, determine whether the following actions will increase or decrease productivity, and name the component of
productivity that each affects.
a. The local government builds a new school.
b. Teachers in the new school hold classes for young
students.
c. A manufacturer installs robots on its assembly line.
d. A research team designs a more efficient system of
irrigation.
e. A soda company discovers a new source of underground
water that can be used to make its products.
f. A professor writes a new and improved economics
textbook.
g. A large number of people have less access to health
care.
h. A worker receives on-the-job training to be a
mechanic.
Impact on productivity
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Component of
productivity
(Click to select)
Physical capital
Technology
Human capital
Natural resources
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What are the meanings of ‘Economic growth’ and ‘Economic development’?
What ‘Economic development’ means?
Eradicate extreme hunger and poverty
Achieve universal primary education
Promote gender equality and empower women
Reduce child mortality
Improve maternal health
Combat HIV/AIDS, malaria and other diseases
Ensure environmental sustainability
Develop a global partnership for development.
Describe economic growth and how it is stimulated by education and training, capital accumulation, and technological improvements.
Chapter 31 Solutions
Principles of Economics (12th Edition)
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Similar questions
- Measuring Economic Growth in Global Economy and Developing and Transitional Economies (chapter 12) questions: According to Malthus, how does economic growth and population relate to each other?arrow_forwardWhich of the following is not a source of economic growth? A. appropriate incentive system B. growing physical capital C. increasing stock market prices OD. advances in technology ⒸE. better educated workersarrow_forwardIn economics, How might productivity be measured for each of the following industries ? a. Education(e.g., elementary and secondary education, higher education—undergraduate and graduate) b. Government (e.g., the Social Security Office, the Internal Revenue Service) c. Manufacturing (e.g., soap and toothpaste, computers, heavy machinery) d. Finance and insurance (e.g., banks, insurance companies, brokerage houses)arrow_forward
- What is the growth rate of output per person in this economy?arrow_forwardEconomic Growth – End of Chapter Problem One analyst predicts that self-driving cars will ultimately reduce the number of cars that are produced. She argues that because self-driving cars can drive other people rather than sitting in people's driveways and garages, the United States will need to produce fewer cars. She argues that growth will slow because we are producing a decreasing number of cars each year. Do you agree? Why or why not? Producing fewer cars, everything else equal, will economic growth. However, the resources no longer used to produce cars be used to produce other items. Furthermore, the self-driving cars could opportunities for new businesses, which would have the effect. Therefore, the ultimate impact self-driving cars would have on economic growth isarrow_forwardWhich 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 workersarrow_forward
- What is the relationship between innovation and economic development? Explain in detail in micro and macro terms.arrow_forwardWhich one of the following is not a determinant of productivity? A greater stock of labor. More human capital per worker. More physical capital per worker. Technological advancement. All of the answers are determinants of productivity.arrow_forwardWhy 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?arrow_forward
- Which of the following explains the importance of education in economic growth? Group of answer choices All the other answers investing in education strengthens human capital investing in education strengthens physical capital investing in education strengthens technologyarrow_forwardWhat does productivity growth has to do with economics?arrow_forwardWhy economic growth is one of the goals of macroeconomics?arrow_forward
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