(a) Identify the factors which are the drivers behind a countries rate of growth. Describe the relevance of each of them in having an effect the growth rate of an economy.(b) Describe the measures that a country can take to improve a countries long term potential growth rate. (a) Identify the factors which are the drivers behind a countries rate of growth. Describethe relevance of each of them in having an effect the growth rate of an economy.e(b) Describe the measures that a country can take to improve a countries long tempotential growth rate.

Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Answered: Identify the factors which are the…

Identify the factors which are the drivers behind a countries rate of growth. Describe the relevance of each of them in having an effect the growth rate of an economy.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: A nation can achieve higher economic growth if: Question options: a) the productivity of labor…

A: Economic growth refers to an increase in the real value of the aggregate output produced by an…

Q: d. factors influencing the rate of economic growth

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: what causes two country to have similar investment but different growth rate

A: There are many factors which affects growth rate of any country besides the investment.

Q: Importance of Economic growth

A: Macroeconomics is a part of economics that deals with production, decision and allocation concerning…

Q: Assuming a country’s economy maintains an 8% rate of growth, young adults starting at age 20 would…

A: Hi, thanks for the question. As per the guideline we are allowed to attempt the first question. If…

Q: the growth rate of potential GDP is not affected by a. the growth rate of nation's capital stock…

A: Potential GDP is the anticipated GDP that would be experienced if an economy is at full employment.…

Q: Identify THREE public policies that can stimulate employment and facilitate economic growth in an…

A: Public policies refer to the policies that are implemented by the governments to achieve certain…

Q: Population of a Country The population of a country has a relative growth rate of 3% per year. The…

A: Population growth is the variation in the population concerning time. The population growth rate is…

Q: 29) The program areas listed in the Millenium Development Goals, many of which are addressed in the…

A: Development: In the economic investigation of the public area, financial and social advancement is…

Q: According to Malthus, how does economic growth and population relate to each other?

A: Economic growth models are designed to show how growth in capital stock, increase in the labour…

Q: Most successful examples of modern economic growth have occurred i country with A. exports of…

A: Modern Economic growth development is an expansion in the creation of financial labor and products,…

Q: Economic growth

A: Economic generally agreed that economic development and growth are influenced by four factors:-…

Q: Describe the difference between human capital and technological knowledge in terms of workers’…

A: Human capital is defined as the required skills, expertise, knowledge, and experience that an…

Q: Formulate 5 specific ways or programs for the government to create faster ways of economic growth,…

A: Microeconomics and macroeconomics are the two most important branches of economics. Microeconomics…

Q: True or False 1. The end of economic development is the improvement of quality of life and…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the role energy plays in economic growth.

A: When firms produce commodities they employ many inputs like labor, land, capital, energy,etc.

Q: Economic growth appears to be determined by a country's growth capability and prior economic…

A: Explanation:- Eсоnоmiс grоwth аррeаrs tо be а funсtiоn оf а соuntry's сарасity fоr…

Q: The importance of institutions for economic growth are best explained as a) a country's ability…

A: the sustained rise in production of goods and services is called economic growth. The institutions…

Q: Discuss public policies that can facilitate economic growth in a country.

A: Public policy refers to the policies and program adopted and implemented by the government in order…

Q: What can be inferred with respect to economic growth and price control in GDP per capita (current),…

A: What may be deduced from GDP per capita (current), GDP growth rate, and inflation rate in terms of…

Q: (a) Total output per hour in each year (b) Growth rate in output per hour in each year (c)…

A: Productivity of labor is the output produced by labor in given period of time. Productivity can be…

Q: 7. Potential growth measures the: a. growth of the fastest economy in the world b. fastest growth an…

A: since we only answer one question, we will answer the 7th. Please resubmit the question specifying…

Q: A direct or positive relationship exists between a country's a.rate of population growth and its…

A: The term real GDP is a macroeconomic idea that actions the last market worth of the relative…

Q: How to calculate Average annual growth rate of real GDP per worker, Real GDP per person, Real GDP…

A: The real GDP per capita is calculated by dividing the actual GDP by way of the overall…

Q: What are the differences between economic growth and economic development? List 1 measurement for…

A: There are many components related to the economy and macroeconomic policies along with the whole…

Q: what is the growth rate of GDP per capita formula

A: GDP stands for Gross domestic product which means total amount of goods and services produced within…

Q: The 10 Pros and 10 Cons of Entrepreneurs contribution to jobs and economic growth.

A: Entrepreneurs are one of the economy's most valuable assets. Entrepreneurs who are productive boost…

Q: Achieving higher gross domestic product (GDP) growth is the prime aim of every developing country.…

A: Yes. It is true that for any developing economy, GDP growth rate acts as an index for its…

Q: Discuss how lowering taxes contribute to a country economic growth.

A: Lowering tax rates contribute to economic growth. When taxes are reduced, the disposable income…

Q: Average Growth Rate (2000-2015) of Per Capita GDP Population GDP High-income countries United States…

A: Per capita GDP is expressed as the ratio GDP of a country and total population. It is shown as…

Q: Distinguish between economic growth and economic development. How important is the accumulation of…

A: The difference between economic growth and economic development is listed below.

Q: Discuss three policies governments can use to promote economic growth

A: Government can adopt various techniques to promote economic growth.

Q: What is the GDP growth rate? What is GDP per capita growth rate? What is the productivity growth…

A: Definition of. GDP per hour worked. GDP per hour labored is a degree of hard work productivity. It…

Q: Calculate the indicators for given time series: Absolute growth Growth rate and coefficient…

A: The symbolic solution of yl=-2xy,y(0)=2 is y=2e-x^2 derive it and display a f= 4 Solution: yl+2xy =…

Q: Discuss: what the relationship between productivity and growth is. What can help improve…

A: In economics, productivity is the measure of output per unit of input where inputs are labor ,…

Q: critically explains the cost of growth.

A: Economic growth is the absolute increase in the number of goods and services produced per head…

Q: The measure of GDP for economic growth is not always perfect. Describe any two problems that are…

A: Solution: Gross domestic product GDP (Gross domestic Value) is the total value of goods and services…

Question

(a) Identify the factors which are the drivers behind a countries rate of growth. Describe the relevance of each of them in having an effect the growth rate of an economy.

(b) Describe the measures that a country can take to improve a countries long term potential growth rate.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What are the advantages of backwardness for economic growth?
What other factors, aside from labor productivity, capital investment, and technology, impact the economic growth of a country? How?
Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
What strategies did the East Asian Tigers employ to stimulate economic growth?
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
Why do you think it is difficult for high-income countries to achieve high growth rates?