CASE STUDY1.1Example of Economic GrowthAssuming there is a unique berry plant that grows naturally only in Kenya and the fruit hasbeen consumed by natives of Kenya for many years. It was not until 2017 that a wealthyBritish businessman discovered the berry plant and brought samples back to England.The businessman's confidence with the berry flavour prompted him to fund a large berryexporting business in Kenya. This new export business led to hundreds of Kenyan workersbeing hired to farm, harvest, wash, pack and ship the berries to grocers in England. In2017, the total value of goods and services produced by the new berry export businessadded over $1 million to Kenya's GDP.Question:(a) State whether an economic growth occurred in Kenya for the year 2017 and why.(b) Based on the above example, what is the factor affecting economic growth?

a) Yes, an economic growth occurred in Kenya for the year 2017 because the British businessmen…

Answered: CASE STUDY 1.1 Example of Economic…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter14: Limiting Market Power: Antitrust And Regulation

Section: Chapter Questions

Problem 8DQ

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