If economic output is increased by increasing the number of people working in the economy, then *

Q: An increase in would lead to an increase in long-run economic growth. O a) resources and technology…

A: Economy experiences long run economic growth when its production potential increases.

Q: Calculate the growth rate of real GDP, population, and real per capita GDP from year 2 to year 4.

A: We have data for Real GDP and  Population from year 1 to year 5.

Q: Indicate which economy satisfies each of the following statements. Statement Austria Botswana…

A: Real income is the income of individuals after adjusting the rate of inflation. It is estimated by…

Q: In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million.…

A: Before we solve the above problem, let us first understand some key concepts:  While GDP measures…

Q: explain the reason why, the more developed a country is, the bigger business sector engaged in…

A: Concepts: 1)A developed country is an economy that enjoys a higher level of income and a better…

Q: In the long run, the growth rate of output per worker is determined by the: the saving rate only the…

A: Steady-state growth rate Where,  'n' is the population growth rate 'g' is technological progress or…

Q: Examine the relationship between the two countries base on the graph and table provided. And list…

A: We summarized that from the above data , GDP of Norway increases in a consistent way, yet it…

Q: If US per capita GDP is $50,000 and grows at 3% per year, what will US per capita GDP be in 70…

A: Given: US per capita GDP=Present value=PV=$50,000Growth rate=i=3%n=70 years

Q: real GDP

A: GDP or gross domestic product is the value of the goods & services that are produced within the…

Q: Discuss whether GDP per capita is the most appropriate measure of economic success

A: GDP: The money value or monetary value of all finished commodities produced in the domestic…

Q: An economy starts off with a per capita GDP of $4100. How large will per capita GDP be if it grows…

A: GDP is an estimation that looks to catch a country's monetary result. Nations with bigger GDPs will…

Q: Look around you and try to identify ten (10) objects/items that you may consider as evidences of…

A: Economics deals with the effective allocation of scarce resources to satisfy the unlimited wants of…

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given Information: Real GDP in year 1 = $30,000 Real GDP in year 2 = $31,200 Population in year 1 =…

Q: In 2001, the GDP of China was $6000. Suppose that China has a growth rate of 6.2%. a. What is…

A: The GDP in 2001 was $6,000. Growth rate = 6.2% The future value of GDP can be calculated as: Future…

Q: It is not possible for a country to experience A. economic growth and economic development…

A: Answer. Option- d  Economic development without economic growth is correct. Economic development is…

Q: Which of the following causes economic growth? (A A decrease in the money supply A decrease in the…

A: * SOLUTION :-  (7)   From given information  The OPTION E is correct answer.

Q: Which of the following is true of the growth in the U.S. economy from 1950 to 2007? Growth…

A: Countries who do higher investment in research and development are likely to have better standards…

Q: What creates or stimulates the rate of economic growth in the economy, in macroeconomics

A: In macroeconomics, the rate of economic growth comes from the demand side and supply side.…

Q: Two countries start with the same real GDP per capita. Country A’s real GDP per capita is growing at…

A: Country B real GDP per capita same as country A-6.6% After 140 years,it would be 6.6*4=26.4

Q: Economic growth is most affected by: a. money supply b. discovering natural resources c.…

A: By comparing one period of time to the next, economic growth refers to an increase in the output of…

Q: If a country has a per capita GDP of $5,200 and it grows at a 6% annual rate. How long will it take,…

A: Per capita GDP measured the standard of living of a country.  Per capita GDP is $5200 Annual growth…

Q: What does the level of a nation's GDP measure?What does the growth rate of GDP measure?Would you…

A: As per national income accounting, the income earned by an economy during a period can be gauged by…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: The real GDP of a country relies upon the input of labour multiplied by the productivity of labour.…

Q: Botswana   Honduras   Malaysia   Zambia

A: The rate of growth in real income per person from 1960 to 2010 is measured as below Rate of growth…

Q: A small county wants to increase its real GDP from $18,000 to $36,000. If they want this to happen…

A: If annual average growth rate is g, then Initial GDP x (1 + g)N = New GDP

Q: To spur economic growth, underdeveloped countries should: trade with foreigners. O do all of these.…

A: Economic growth refers to increase in real GDP in the economy, that is increase in economic…

Q: To improve problems with the economy, the government must reduce regulations and legal requirements…

A: LIBERALS are those who believe in governmental action for the achievement of equal opportunity and…

Q: In 1980, Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1…

A: INTRODUCTION The per capita GDP level is a concept which measures the share of each individual in…

Q: With three economies, each of which has a GDP per capita of $100. Trend growth in these economies is…

A: GDP per capita is measured as the ratio of total gdp and population . it shows how a person earn…

Q: What can you say about Turkey in the average GDP growth for the next 3 years (2021-2023)?

A: Because of the impact of covid-19 pandemic,Turkey is expected to see decline in GDP in the next 3…

Q: Free market economies stimulate greater economic growth, whereas state-directed economies stifle…

A: Economic growth is characterized by increased productivity and efficient production process.

Q: Which of the following statements about economic growth is false Select one: O a. Economic growth…

A: Economic growth refers to the situation when an economy generated relatively more output than…

Q: Two ways in which the manufacturing sector can contribute to economic growth

A: Economic growth is a rise in the level of services and goods that are sustained over a long period…

Q: If a country has a per capita GDP of $4,200 and it grows at a 5% annual rate. How long will it take,…

A: The economies around the world tend to focus on their economic growth, and development. The nations…

Q: An increase in would lead to an increase in long-run economic growth. a) consumer spending and…

A: Economic growth is the permanent increase in real GDP per capita.

Q: The growth rate of potential GDP is not affected by   a. the growth rate of the labor force.   b.…

A: Potential GDP is the level of output that the economy can produce at a constant inflation rate. It…

Q: Q)1 a) Canada​'s real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018.…

A: Given: Real GDP: 2017=$ 2016 billion 2018=$2053 billion

Q: List and discuss at least three significant contributions a government can make toward a country's…

A: Economic growth refers to an increase in the aggregate output that is produced in an economy. With…

Q: If a nation's real GDP is growing by 6 percent per year, its real GDP will double in approximately…

A: We shall use the concept called as Rule of 70. To estimate a the time it would take for the nation's…

Q: How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%?  7)…

A: The correct answer is given in the second step.

Q: Consider three economies,each of which has GDP per capita of $100. Trend growth in these economies…

A: GDP per-capita of the country is $100. Trend growth of Economy 1 = 2%, 2.5% and 5% respectively…

Q: Which of the following would not necessarily lead to long-term economic growth

A: A rise in the output of goods and services in an economy is referred to as economic development.…