Economic growth is the process of Group of answer choices All of the above producing more agricultural products and more industrial products. increasing real output. expanding the production possibilities frontier.
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- The ability of an economy to produce greaterlevels of output per time period is calleda. positive economics.b. negative economics.c. economic growth.d. the law of specialization.As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour intensive industries.Economic growth is the expansion of production possibilities and is described as a leftward shift of the production possibilities frontier. a.False b.True
- How much the economy can produce at its natural rate of output depends on a. technology b. the quantity of available natural resources c. the productivity of labor d. the stock of available capital e. all the aboveSome resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…pleasee quickkk !!!! Long-run economic growth can help alleviate the problems of poverty by... a. Requiring increased saving on the part of most of the population. b. Generating more resources that can be used to reduce income inequality. c. Reallocating income away from low-value production to increase the incentives for high-value production. d. Increasing future consumption for the middle class. e. Creating new low-paying jobs for the unemployed.
- A movement along a macro production possibilities frontier is caused by a change in Select one: a. technological change. b. the quantity of inputs. c. the quality of inputs. d. all of the above. e. none of the above.Per capita GDP in the long run: Suppose an economy begins in steady state.By what proportion does per capita GDP change in the long run in responseto each of the following changes?(a) Te investment rate doubles.(b) Te depreciation rate falls by 10%.(c) Te productivity level rises by 10%.(d) An earthquake destroys 75% of the capital stock.(e) A more generous immigration policy leads the population to double.What type of change matches each of the statements below: the options are - cultural, ideological, technological and economic a. Susie is able to shop on the internet.b. Many public companies are considered opening economies to match customer’s needs.c. Business now operate in ways that match customers’ needs.d. Jamaica’s foreign direct invest has increased.
- In a nation with excessive population growth, and unskilled labor, the production possibilities curve tends to: Group of answer choices Increase at a decreasing rate. Remain unchanged. Reach the unattainable point. Shift to a point on the graph which reflects growth. Increase and then decrease.Determine if the following statement is normative or positive: The government expenditure towards infrastructure, research and development and skills and jobs-training programs increases future productivity resulting in rising future output (i.e. GDP).Thomas Robert Malthus believed that population growth would a.put stress on the economts ability to produce food,dooming humans to remain in poverty. b.spread the capital stock too thinly across the labor force,lowering each worker's productivity. c.promote technological progress,because there would be more scientists and inventors. d.eventually decline to sustainable levels,as birth control improved and people had smaller families.