Econ 211 Exam 2 – UNL Study Guide with Complete Solutions
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Course
ECON 211
Institution
ECON 211
Econ 211 Exam 2 – UNL Study Guide
with Complete Solutions
2 ways economic growth is measured - Answer️️ -Nominal and real GDP
Nominal GDP - Answer️️ -often appear higher than real GDP, not
adjusted for inflation (GDP17=P17 x Q17)
Real GDP - Answer️️ -adjusted for inflation (GDP17...
Rule of 70 - Answer✔️✔️-- how many years it will take for an economy to
double
- divide average annual % rate of economic growth into 70 (70/1.0% = 70
years to double)
Modern economic growth - Answer✔️✔️-After late 1770's, sustained and
continual economic growth
History of modern economic growth - Answer✔️✔️-before the late 1770's
nations experienced limited/sporadic economic growth which lead to
living standards not changing much from century to century
- living standards improved
-changes occur w/in less than a human lifetime
Economic growth started when - Answer✔️✔️-- industrial revolution in 1776
- James Watt invented the steam engine which lead to new factories, mass
production of goods, different forms of transportation, later was replaced
by electric power and oil
How can follower nations catch up to leader nations? - Answer✔️✔️--
Leader nations invent technology while follower nations adopt technology
- higher long-term growth rates for follower nations
Institutional structures that promote growth (main 6) - Answer✔️✔️-- strong
property rights
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