Answered: The initial investments in education or…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 3CQQ

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1) The initial investments in education or health led to a stream of higher future income. 2) The population growth, as the evidence suggests, also has a positive effect on economic growth. a. First statement is TRUE, second is FALSE b. First statement is FALSE, second is TRUE c. Both statements are TRUE d. Both statements are FALSE

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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