Long Run Trends vs Short Run Fluctuations Quiz

What is the main factor that creates growth and a high level of income and consumption per capita in the long run?

Which of the following is NOT a factor that contributes to fluctuations in GDP in the short run?

What is a common reason for countries to experience divergence in economic growth rates?

Why do less developed economies often grow faster than advanced ones according to the text?

What does the text mention as a key proxy for wellbeing in relation to consumption?

Which process allows a country to move from being relatively poor to being relatively rich as mentioned in the text?

What is the essence of conditional convergence in terms of income levels across countries?

What is the relationship between initial GDP levels and long-run GDP growth, once structural differences are controlled for?

What enables countries with lower initial GDP levels to grow at faster rates initially?

What has been the trend in labor's share of GDP in typical Western economies over time?

What does Stylized Fact 5 suggest about the annual growth rates of many countries in Western Europe and North America over the last 130 years?

What is the impact of lower initial GDP levels on marginal returns from capital investment?

Which factor contributes significantly to the global disparities in wealth and income among countries?

'Disparities in Wealth' are mainly influenced by which of the following factors?

What do developed economies typically experience in terms of annual growth rates over the last century and a half?

What does the consistency in labor's share of GDP suggest about real wages in developed economies?