A nation can achieve higher economic growth if: a)the productivity oflabor declines. b)more resources areallocated to consumption goods. c)it devotes more resources to research and development. d)taxes are imposed oninvestment in capital.

A nation can achieve higher economic growth if: a)the productivity oflabor declines. b)more resources areallocated to consumption goods. c)it devotes more resources to research and development. d)taxes are imposed oninvestment in capital.

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...

See similar textbooks

Related questions

Q: Consider the following data for a hypothetical economy: Year Real GDP Population 1 $5000…

A: Economic growth rate is calculated as the percentage change in real GDP per capita.

Q: Which of the following is the per capita real GDP growth rate if a country''s real GDP growth rate…

A: GDP growth rate: It measures the percentage change in the overall output level in an economy during…

Q: 1. Over the period from B.C. 10,000 to A.D. 1, the world population is estimated to have increased…

A: An economy's rate of productivity growth is closely linked to the growth rate of its GDP per…

Q: A nation can achieve higher economic growth if Select one: a. the government increases the taxes…

A: The objective of the question is to identify the correct option that can lead to higher economic…

Q: Which of the following is not a source of economic growth? A. appropriate incentive system B.…

A: Financial development or economic growth- estimated as an increment of individuals' genuine pay -…

Q: How does increasing the level of public education spending typically affect the long- term economic…

A: The issue is to distinguish the effect of expanding state-funded schooling spending on the drawn out…

Q: Which one of the following statements is correct? O a. Slower population growth rate than national…

A: The given options are analyzed below – Option (a): The Solow Model which defines the long run…

Q: Canadian real GDP per capita is 50,097 (measured in constant 2017 USD, same for thefollowing…

A: The objective of the question is to calculate the growth rate of GDP per capita in Canada for the…

Q: 20. In recent years, many DVCS have come to realize that A. private capital investment is essential…

A: IAC or Industrially advanced countries are those countries that have a high level of per capita…

Q: Which of the following is not considered a factor contributing to economic growth? Select one: a.…

A: The improvement or increase in the market value of the goods and services produced by an economy…

Q: discuss the factors that contribute the most to economic growth? 1500 words limit

A: The term economic growth is associated with economic progress and advancement. Economic growth can…

Q: If the US has an average growth rate is 2.1% and South Korea has an average growth rate of 5.%, then…

A: Growth, the interaction by which a country's wealth increments over the long run. Albeit the term is…

Q: AK.25L.75 population growth = 3% saving rate=5% depreciation = 12% technology= 9 a.…

A: The economic growth model shows how growth in capital stock, growth in the labour force and…

Q: Since population growth is income growth in the steady state, is the only variable that affects the…

A: In a steady state of economy we will find many observations :- Here the technical progress is…

Q: 1. The objective of economic development is to raise the levels of living, it means a. provide…

A: 1. Economic development refers to initiatives, policies, or actions aimed at improving a community's…

Q: 5. Which of the following institutional arrangements is most likely to promote growth? a. patents…

A: Institutional arrangements are mainly set of agreements on the division of the respective…

Q: A country had real GDP per peria of 5800 in 2005 and has had average real GDP growth of 8.4 %per…

A: GDP basically refers to the total monetary value of all final goods and services that a nation…

Q: 7 Government grants patents for Inventions. 7 Tax credits for R&D costs. Grants from National…

A: 1)Encourage more to invest in education to boost human capital. a)Education saving account.…

Q: Which of the following statements is (are) problems associated with economic growth? O a. Growth of…

A: GDP(GROSS domestic product) is the sum of value of goods and services that are produced in an…

Q: Which of these is NOT a factor of economic growth? O decrease in the savings rate investment in…

A: Economic growth is defined as an increase in the stock of final goods and services from one period…

Q: A. Investment in "infrastructure" represents spending on: O roads, bridges, canals, etc. O…

A: Infrastructure refers to the basic economic facilities that are required to achieve economic growth.…

Q: If the annual GDP growth rate on average in a country is 5%, the current GDP is $10 trillion, how…

A: The number of years required to double the growth rate would be found by the rule of 70. By this…

Q: . what is economic growth? 2. Give some of the ways that economic growth can be achieved and…

A: Economic growth is the gradual rise in a country's output of goods and services over time. The Gross…

Q: Over the 120 years from 1900 to 2020, the average growth rate of U.S. real GDP per person was 2…

A: The value of final goods and services produced in a year is known as the nominal GDP. When the…

Q: onomic gro

A: The non economic factors are : 1. Human Resources They are considered to be an important factor in…

Q: 1. Which of the following is a benefit that society reaps from high rate of economic growth? a.…

A: High pace of economic growth prompts an expansion in productivity, which brings about a more…

Q: What can a government do to promote economic growth? Use examples to illustrate your points

A: Gross domestic product (GDP), which is the total annual value of all goods and services generated in…

Question

A nation can achieve higher economic growth if:

a)
the productivity of
labor declines.

b)
more resources are
allocated to consumption goods.

c)
it devotes more resources to research and development.

d)
taxes are imposed on
investment in capital.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
unning a budget denent. Which of the following is not considered a factor contributing to economic growth? Select one: a. Growth in the national money supply. b. Government protection of property rights. c. Growth in physical capital inputs (machines, tools, buildings, and inventories)
Which of the following statements is (are) problems associated with economic growth? a. Growth of GDP ignores social problems, such as crimes b. Growth of GDP ignores income distribution С. Growth of GDP ignores pollution O d. All of the answers are correct
A. Investment in "infrastructure" represents spending on: O roads, bridges, canals, etc. O human capital (education) O government institutions O innovation to physical capital B. Which of the following was not one of Thomas Malthus' assumptions regarding population and economic growth? O Per-capita income would increase. O The economy was agriculturally based O The supply of land was fixed O The population would continue to increase
Policy makers In the Canadian government have long tried to write laws that encourage growth In per capita real GDP. These laws typically do one of three things: a. They encourage firms to Invest more in research and development in order to boost technology. b. They encourage Individuals to save more In order to boost the physlcal capital stock. c. They encourage individuals to Invest more in education In order to boost the stock of human capital. For each of the above three points, name a law or government program with that Intentlon. Instructions: You may select more than one answer. Click the box with a check mark for correct answers, and click to empty the box for the wrong answers. a. They encourage firms to Invest more in research and development in order to boost technology. ? Lower tax rates on Income earned through savings. ? Retirement savings plans. 2 Government grants patents for Inventions. ? Government-provided student loans. 7 Grants from National Institute of Health. 2…
A nation can achieve higher economic growth if Select one: a. the government increases the taxes on investment capital. b. it devotes more resources to research and development. c. it focuses its resources on consumption goods.
Over the 120 years from 1900 to 2020, the average growth rate of U.S. real GDP per person was 2 percent a year. What does this tell us? A. Real GDP grew faster than the population. B. The growth rate of real GDP was 2 percent a year on average. C. Real GDP grew slower than the population. D. The growth rate of real GDP was less than 2 percent a year on average.
How does increasing the level of public education spending typically affect the long- term economic growth of a country? A. It has no effect on long-term economic growth. B. It reduces long-term economic growth due to higher taxes. C. It increases long-term economic growth by improving the workforce's skills and knowledge. D. It initially boosts economic growth but leads to a decline in productivity over time.
My courses / ECON202-20202 / My Assessments / MIDTERM EXAM If the US has an average growth rate is 2.1% and South Korea has an average growth rate of 5.%, then South Korea is experiencing of O a. a slower economic growth than the US. b. no economic growth. estion O c. the same economic qrowth as the US. O d. a faster economic growth than the US. Next page A Chapter 6 In Class Practice Jump to... eu are logged in as ABDULRAHMAN ALSAEEM (Log out) Copyright © 2020 All Rights Reserved. MacBook Pro @ 2# % & 2 3 4 5 7 8 A E R T Y ض ق そ A S » G H. J K V B i く 6. つつ > *3
Which of these is NOT a factor of economic growth? decrease in the savings rate O investment in human capital increase in the size of the labor force O increase in the capital stock
1. The objective of economic development is to raise the levels of living, it meansa. provide additional income, provision for more jobs and greater attention to cultural values.b. widen the distribution of food, shelter, health, and security.c. expand the range of economic and social choices. 2. Modernizing values of developed nations, many societies in developing countries suffer from serious cultural confusion when did come in contact with technologically advanced societies. What role and core values of Economic development?a. sustenanceb. self-esteemc. freedom from servtitude
Don't give AI solution A country had real GDP per peria of 5800 in 2005 and has had average real GDP growth of 8.4 %per wear, over the next 15 years, What is real GDP - at the end of that period?