Answered: Which one of the following is the most…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 3E

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Which one of the following is the most accurate description of growth theory?

A) Growth theory tries to predict long-run growth rates of actual economies.

B) Growth theory studies only the proximate causes of growth such as capital and productivity.

C) Growth theory tries to explain both the causes and consequences of economic growth in the long-run.

D) The main objective of growth theory is to generate policy advise for governments.

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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