Assuming there is a unique berry plant that grows naturally only in Kenya and the fruit has been consumed by natives of Kenya for many years. It was not until 2017 that a wealthy British businessman discovered the berry plant and brought samples back to England. The businessman's confidence with the berry flavour prompted him to fund a large berry exporting business in Kenya. This new export business led to hundreds of Kenyan workers being hired to farm, harvest, wash, pack and ship the berries to grocers in England. In 2017, the total value of goods and services produced by the new berry export business added over $1 million to Kenya's GDP. Question: (a) State whether an economic growth occurred in Kenya for the year 2017 and why. (b) Based on the above example, what is the factor affecting economic growth?

Assuming there is a unique berry plant that grows naturally only in Kenya and the fruit has been consumed by natives of Kenya for many years. It was not until 2017 that a wealthy British businessman discovered the berry plant and brought samples back to England. The businessman's confidence with the berry flavour prompted him to fund a large berry exporting business in Kenya. This new export business led to hundreds of Kenyan workers being hired to farm, harvest, wash, pack and ship the berries to grocers in England. In 2017, the total value of goods and services produced by the new berry export business added over $1 million to Kenya's GDP. Question: (a) State whether an economic growth occurred in Kenya for the year 2017 and why. (b) Based on the above example, what is the factor affecting economic growth?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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