Answered: “Many believe that the main objective…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter7: Inflation

Section: Chapter Questions

Problem 1SQ

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“Many believe that the main objective of government economic policy should be to increase productivity and economic growth.”

Using the data above and your economic knowledge, critically evaluate this
statement by providing THREE reasons for and THREE reasons against. Ensure
that you provide a relevant real-world example for the Barbados
economy to support EACH point.

Economic Growth, Inflation and Unemployment (%)
for Barbados
25
20
15
10
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Economic Growth % -5.078 -2.286 -0.673 -0.456 -1.407 -0.125 2.449
2.479
0.475
-0.58
Inflation Rate %
3.644 5.824
9.432 4.533 1.814
1.77
-1.113 1.282
4.66
3.674
- Unemployment %
10.02 10.69 11.19 11.59 11.55
12.17
9.8
8.25
8.62
8.32

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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