Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Chapter 21, Problem 4QFR
To determine
To explain:
The impact on the country's long-term rate of
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Chapter 21 Solutions
Principles of Economics (Second Edition)
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- How has real GDP growth performed recently? Does it suggest the economy is growing close to potential (or the steady state rate of growth)?arrow_forwardIn 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in U.S. dollars). India was also one of the world’s fastest-growing economies, with an annual growth rate of real GDP of 7.3%. a. If the country maintains the same growth rate, how many years will it take for India’s GDP to double? b. Bangladesh’s GDP was $286.27 billion, but its growth rate was equal to India’s. How many years will it take for Bangladesh’s economy to double? c. Although Bangladesh and India have the same annual growth rate, their economies are much different in size. How can you explain the size difference to someone who is unfamiliar with scaling large numbers? Which strategies would you use?arrow_forwardWhy might it be necessary to reduce consumer spending in order to attain fastereconomic growth? Would it be worth the sacrifice?arrow_forward
- The economy experiences faster economic growth: a)Inflation decreases b)Inflation increases c)Inflation stays the same d)Can't tellarrow_forwardExplain the consequences of both too low and too high a growth ratearrow_forwardSuppose that the GDP of the United States this year is $20 trillion. If the annual growth rate of GDP is expected to be 7% indefinitely, in how many years will the GDP reach $40 trillion? Enter this number of years below.arrow_forward
- An analysis regarding the relationship between the inflation rate and economic growth in a countryarrow_forwardWhy do diminishing returns not limit growth in new growth theory? Diminishing returns do not limit growth in new growth theory becausearrow_forwardWhen gross domestic product increases, what is the outcome for economic growth?arrow_forward
- Explain the sources of productivity growth in an economy. Be precise, and make sure you are covering all of the mechanisms through which productivity changes in time.arrow_forwardThe growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how this increase in the growth rate of real GDP affects the number of years it will take for real GDP to double.arrow_forward
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