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In the very long run, what are the major factors that are responsible for growth in potential output or
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- For a high-income economy like the United States, what element of the aggregate production function are most important in bringing about growth in per capita GDP? What about the middle-income country such as Brazil? A low-income country such as Niger?For a high-income economy like Australia, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middleincome country such as India? A low-income country such as Afghanistan?How do I explain how changes in unemployment and inflation are related to changes in GDP growth? My answer will ultimately be specific to the 1980s.
- Long-run economic growth can occur as a result ofWhat is a significant factor in long-run economic growth that Robert Fogel, an economic historian, is best known for suggesting?Refer to the graph shown below. At point A: Which is true? A: the economy has full employment B: economic growth is declining C: inflation tends to be declining D: wages can be lowered due to worker surplus
- What two variables are most important for sustained long-run growth? options: Increasing capital and increasing total factor productivity Decreasing taxes and increasing government expenditures Increasing money supply and decreasing interest rates Increasing consumption and increasing investment in inventoriesWhy might it be necessary to reduce consumer spending in order to attain fastereconomic growth? Would it be worth the sacrifice?How does the price of capital tend to change during an economic boom? During a recession?
- Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long run in response to each of the following changes? (a) The investment rate doubles (b) the depreciation rate falls by 10% (c) The 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.Why is there a trade-off between the amount of consumption that people can enjoy today and the amount of consumption that they can enjoy in the future? Why can’t people enjoy more of both? How does saving relate to investment and thus to economic growth? What role do banks and other fifinancial institutions play in aiding the growth process?How can an economy experience economic growth with no inflation? An economy can experience economic growth with no inflation if _______. A. it does not engage in international trade B. the government has a balanced budget C. aggregate demand increases at the same pace as potential GDP D. aggregate demand increases at a faster rate than potential GDP
