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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You are provided with the following data – assume the two items produced by an economy are movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2017. Prices and Quantities Year Price of Movies Quantity of Movies Price of Popcorn Quantity of Popcorn 2017 $11.00 400 $5 800 2018 $12.00 500 $4 900 2019 $12.00 600 $5 1000 2020 $13.00 600 $6 900 What is the approximate economic growth rate for the year 2020? Answers: -4.3% 19% 16% 4.3%

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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