Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice.  (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation

Q: Which of the following is NOT considered a factor contributing to economic growth? a) Investment in…

A: Increase in government regulation is NOT considered a factor contributing to economic growth. This…

Q: If you had a choice between living in a country with HIGH GDP per capita but NO growth, OR, a…

A: GDP per capita refers to "output per person". This means it helps to determine the country's economy…

Q: Improvements and advances in technology: a) explain most of the economic growth in recent decades.…

A: The economic growth of a nation is measured by the growth of real GDP per capita. It shows the…

Q: Consider the following table displaying annual growth rates for nations​ X, Y, and​ Z, each of which…

A: We have a table that displays annual growth rates for nations X, Y, and Z each of which entered 2020…

Q: According to Malthus, how does economic growth and population relate to each other?

A: Economic growth models are designed to show how growth in capital stock, increase in the labour…

Q: Describe the difference between human capital and technological knowledge in terms of workers’…

A: Human capital is defined as the required skills, expertise, knowledge, and experience that an…

Q: Identify one developed and one developing country.  Research their recent economic growth rates.…

A: Consider a developed country United States of America and a developing country India. Economic…

Q: ​_____ shows roughly how long it will take a nation to double its output at various growth rates.…

A: GDP deflator shows the inflation.  GDP deflator = (Nominal GDP ÷ Real GDP) × 100   Rule of 70 shows…

Q: The importance of institutions for economic growth are best explained as a) a country's ability…

A: the sustained rise in production of goods and services is called economic growth. The institutions…

Q: Closing the educational gender gap is important for all the following reasons EXCEPT A. B. C. D. The…

A: Bridging of gender correspondence gap is one of the significant undertakings in the neighbourhood as…

Q: Which of the following countries would be more likely to experience strong economic growth, other…

A: Economic growth means an increase in the total production of goods and services in a given year in…

Q: An increase in the standard of living of citizens of a country can be best measured by the growth…

A: Per capita nominal GDP:-                            Nominal GDP per capita=Nominal GDPPopulation…

Q: How to calculate Average annual growth rate of real GDP per worker, Real GDP per person, Real GDP…

A: The real GDP per capita is calculated by dividing the actual GDP by way of the overall…

Q: Which of the following explains the importance of education in economic growth? Group of answer…

A: Economic growth means an increase in the total production of goods and services in the economy. It…

Q: _____ would most likely result in the economic growth of a nation. A. A decrease in the…

A: Economic growth of a nation is mainly the result of gains from trade, discovery of better approaches…

Q: The use of knowledge to improve productivity and enhance economic growth is known as Group of answer…

A: The process by which the economy's final commodities and services increase is known as economic…