Answered: 1) The following public policies can…

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 3CQQ

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Question

1) The following public policies can facilitate economic growth in an economy. For each policy, give a reason for why this is possible.

a. Distributive

b. Redistributive

c. Regulatory and substantive policies

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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Public policies are the actions or laws made by the government in response to the public of the country.

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