Unit 7 Economic Growth Name _,. Read the slides for Unit 7 and watch the following video to answer these questions. Video: MR University \"The importance of institutions\" by Tyler Cowen (should be easy to find online) You can write your answers on a separate sheet of paper if you lack access to a printer. 1. What is the metric we use to measure economic growth? or China? 2. From 1990-2009, what was the average annual growth rate for the US? 3. What ls per capital GDP? (review from Unit 5) 4. What does it mean to become more productive? ______________._ 5. What are two ways society can increase productivity? 3. b. 6. Briefly explain capital deepening. 7. We used to believe that innovation happened randomly and we had no way to induce innovation. The New Growth Theory is the idea that innovation is not random, but happens because of financial incentives. Therefore, if society rewards innovation, we will continue to have innovation, and therefore continued economic growth. What is one way society can financially incentivize innovation? 8. A nation cannot experience economic growth unless it has underlying societal institutions in place. What are these institutions? '. According to Tyler Cowen's video what are so ' , me differences between North led to their different economic paths? and swim Korea that haVe