4. To what extent might the economic growth rates understate or overstate economic well-being?1) The growth rate may (understate, overstate ) the improvements in products and services.2) The growth rate may (understate, overstate ) the gain in economic well-being such as addedleisure.3) If growth debases the physical environment and creates a stressful work environment, the growthrate will (understate, overstate ) the gains in economic well-being that result from growth.

Growth rates of an economy refers to the rate at which the GDP changes gradually over the course of…

Answered: 4. To what extent might the economic…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 2SCQ: Explain the difference between property rights and contractual rights. Why do they matter to...

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Economic growth. Two key sources of economic growth have been due to increases in resources and increases in productivity. a. Please explain 5 factors that might contribute to falling U.S. GDP growth rates. b. Explain in detail, what we could do to avoid each of those 5 factors causing our GDP growth rates to fall. c. Please explain 5 factors that might contribute to rising U.S. GDP growth rates. d.Explain in detail, what we could do to cause each of the 5 factors to happen and cause our GDP growth rate to increase.
1.1. Basic properties of growth rates. Use the fact that the growth rate of a variable equals the time derivative of its log to show: (a) The growth rate of the product of two variables equals the sum of their growth rates. That is, if Z(t) = X(t)Y(t), then Ż(t)/Z(t) = [X(t)/X(t)] + [Ÿ(t)/Y(t)]. (b) The growth rate of the ratio of two variables equals the difference of their growth rates. That is, if Z(t) = X(t)/Y(t), then Ż(t)/Z(t) = [X(t)/X(t)]-[Y(t)/Y(t)]. (c) If Z(t) = aX(t)a, then Ż(t)/Z(t) = aX(t)/X(t).
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1 Which one of the following is not a supply factor in economic growth? a) Consumption spending b) Natural resources c) Labour d) Capital
Is it possible to have economic growth with no opportunity cost? A)Yes, economic growth requires no current sacrifices-only the passage of time. B) No, but economic growth is always worth whatever sacrifice is required. C) No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow D) No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital tormation and research and development.
1) The following public policies can facilitate economic growth in an economy. For each policy, give a reason for why this is possible. a. Distributive b. Redistributive c. Regulatory and substantive policies
What is the likely effect of increasing public investment in higher education on a country's long-term economic growth? A. It will lead to a decrease in economic growth due to higher taxes. B. It will have no effect on economic growth. C. It will lead to higher long-term economic growth due to an improved labor force. D. It will initially boost economic growth but lead to a decline in the long run.
1. Discuss the factors that contribute to economic growth. 2. List and briefly describe the 17 Sustainable Development Goals (SDGs). Give examples Note: Question 1 ask that you discuss the determinants of Economic Growth: I have created a list of 10 factors and suggest that in responding to the question you discuss at least 5 of the factors: 1. Quality and Quantity of a Country's resources 2. Technology 3. Improvements and greater stock of resources 4. Increased productivity 5. Savings and Investment including investment in human capital 6. Infrastructure 7. Research AND Development 8. Protection of Property Rights 9. Free Trade 10. Education
72) According to new growth theory, the accumulation of ________ capital is subject to diminishing returns at the ________ level, but not at the level of the economy as a whole. A) physical; firm B) technological; personal C) knowledge; firm D) physical; production 73) Because knowledge capital is nonexcludable and nonrival, firms have an incentive to ________ the research and development of other firms. A) make bids on B) not use C) ignore D) free ride on 74) When firms benefit from the results of research and development they didn't pay for, we say firms A) are litigious. B) free ride. C) invest in knowledge capital. D) maintain a level playing field. 75) For how long does a patent give a firm the exclusive legal right to a product? A) 10 years B) 17 years C) 20 years D) 50 years 76) A copyright grants the creator of a book, film, or piece of software exclusive legal rights to use the creation for how long? A) 10 years B)…
4. According to Malthus, how does economic growth and population relate to each other?
3. What is the relation between productivity growth and living standards?
2. a) Why is the difference between 2% and 3% steady yearly real GDP growth in the US economy a huge difference, if its only a difference of 1%? b) Explain why productivity is so essential for growth of the economy. c) What are two government policies that could increase US economic productivity? d) What is the role of Investment in contributing to productivity?

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