From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth rate of 7%. During this period, the GDP deflator changed from 120 to 145, and the Gini-coefficient changed from 0.671 to 0.608.Regarding the above period, what can you say about the changes in the overall economic performance, including labour productivity, general price level and income distribution from the above data? Briefly explain your answer.

The Gini coefficient gets used to measure the extent of inequality in an economy by comparing the…

Answered: From 2010 to 2020, Benin recorded an…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth rate of 7%. During this period, the GDP deflator changed from 120 to 145, and the Gini-coefficient changed from 0.671 to 0.608.

Regarding the above period, what can you say about the changes in the overall economic performance, including labour productivity, general price level and income distribution from the above data? Briefly explain your answer.

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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