The Theory of Economic Growth and the Asian Experience Quiz
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Questions and Answers

Which two variables traditionally determine the level and growth of output?

  • Education and labor
  • Land and labor
  • Capital and labor (correct)
  • Capital and land

    • What is the formula for the education index?

  • (Expected years - Mean years) * 2
  • (Expected years + Mean years) / 2 (correct)
  • (Expected years / Mean years) * 2
  • (Expected years * Mean years) / 2

    • What is the large residual factor that was unexplained by the traditional variables?

  • Labor and capital
  • Education index
  • Total factor productivity (TFP) or multifactor productivity (correct)
  • Single factor productivity

    • What are the four factors of production (economic resources)?

    <p>Land, labor, capital, entrepreneur</p> Signup and view all the answers

    What does the regression model explain?

    <p>The large residual factor</p> Signup and view all the answers

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