Answered: Answer the following options Q#9) What…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the following options

Q#9) What has been true about the long term growth rate and growth path followed
by the advanced nations since 1750 – the dawn of the “industrial revolution”?

(a) GDP growth has been modest, continuing the same trend from previous eras
(b) GDP growth has increased enormously due to technical advances

Q#10) When the government takes the lead and pro-actively guides, supports and
fosters technology advances and innovation, such as with the Internet, in aero-
space (NASA) or Covid19 vaccines, which theory of economic growth is utilized?

(a) Neo-Classical Theory (b) Classical Theory (c) New Growth Theory

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.

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