Answered: KINDLY ASSIST “Africa is set to…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 6PA

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Question

KINDLY ASSIST “Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic
product (GDP) averaging around 4% in 2023 and 2024”. Which of the following is a common characteristic of a country in Africa?
A. High levels of industrialization and advanced technology.
B. A well-developed and diversified service sector.
C. High per capita income and living standards.
D. Limited access to basic healthcare and education for a significant portion of the population.

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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