Answered: Many years of past economic growth mean…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Many years of past economic growth mean that the most-developed countries have ______.

Group of answer choices so much wealth that less-developed countries will never be able to catch up.

a higher rate of economic growth than the least-developed countries.

overcome the problem of diminishing marginal returns on capital.

greater output in a day than the least-developed countries do in a year.

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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