1. The table below shows the economic growth rate in Grenada and Canada. Country (Grenada)YearsEconomic Growth Rate %20156.4420163.7420174.4420184.1420191.982020-11.23 Country (Canada)YearsEconomic Growth Rate %20150.6620161.0020173.0420182.4320191.862020-5.40a. Construct a line graph for each country and explain the economic growth rate in comparison of the too countries.

Year Grenada Economic growth rate (%) Canada Economic growth (%) 2015 6.44 0.66 2016 3.74…

Answered: The table below shows the economic…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter7: Economic Growth: Theory And Policy

Section: Chapter Questions

Problem 2DQ

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1. The table below shows the economic growth rate in Grenada and Canada.

Country (Grenada)
Years	Economic Growth Rate %
2015	6.44
2016	3.74
2017	4.44
2018	4.14
2019	1.98
2020	-11.23

Country (Canada)
Years	Economic Growth Rate %
2015	0.66
2016	1.00
2017	3.04
2018	2.43
2019	1.86
2020	-5.40

a. Construct a line graph for each country and explain the economic growth rate in comparison of the too countries.

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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