Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 25, Problem 6MCQ
To determine
To identify:
The option that correctly states about the classical growth theory.
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(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.
Most economists are_____ that natural resources will eventually limit economic growth. As evidence, they note that the prices of most natural resources, adjusted for overall inflation, have tended to _____ over time.
a. concerned, rise
b.concerned, fall
c. not concerned, rise
d. not concerned, fall
1. Japan’s real GDP was 525 trillion yen in 2009 and 535 trillion yen in 2010. Japan’s population was 127.6 million in
2009 and 127.5 million in 2010. Calculate
a. The economic growth rate.
b. The growth rate of real GDP per person.
c. The approximate number of years it takes for real GDP per person in Japan to double if the real GDP economic
growth rate returns to 3 percent a year and the population growth rate is maintained.
Chapter 25 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
Ch. 25 - Prob. 1SPPACh. 25 - Prob. 2SPPACh. 25 - Prob. 3SPPACh. 25 - Prob. 4SPPACh. 25 - Prob. 5SPPACh. 25 - Prob. 6SPPACh. 25 - Prob. 7SPPACh. 25 - Prob. 8SPPACh. 25 - Prob. 9SPPACh. 25 - Prob. 10SPPA
Ch. 25 - Prob. 11SPPACh. 25 - Prob. 12SPPACh. 25 - Prob. 1IAPACh. 25 - Prob. 2IAPACh. 25 - Prob. 3IAPACh. 25 - Prob. 4IAPACh. 25 - Prob. 5IAPACh. 25 - Prob. 6IAPACh. 25 - Prob. 7IAPACh. 25 - Prob. 8IAPACh. 25 - Prob. 9IAPACh. 25 - Prob. 10IAPACh. 25 - Prob. 1MCQCh. 25 - Prob. 2MCQCh. 25 - Prob. 3MCQCh. 25 - Prob. 4MCQCh. 25 - Prob. 5MCQCh. 25 - Prob. 6MCQCh. 25 - Prob. 7MCQCh. 25 - Prob. 8MCQ
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- Based on our discussion of the determinants of economic growth, answer the following questions: • ’Devoting a larger share of national output to investment would help restore rapid economic growth and rising living standards.’ Based on our discussion of the determinants of economic growth, do you agree with the above statement? Explain why. • What could the policymakers (i.e., government, central bank) do to increase the investments in the economy? • Do you think that increasing the saving rate could help to increase the economic growth? Explain why. • Do you think that increasing the saving rate is always helpful? I.e., could we increase the saving rate to, say, 90 %? What could be some of the drawbacks of increasing the saving rate to a very high level? Explain.arrow_forwardSuppose an economy's real GDP is $ 30,000 in year 1 and $ 31,200 in year 2. Instructions: In part a enter your answer as a whole number, in part b round your answer to 2 decimal places. a. What is the growth rate of its real GDP? ( in percentage) Assume that population is 100 in year 1 and 102 in year 2. b. What is the growth rate of real GDP per capita? ( in percentage)arrow_forwardAnswer the below d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?arrow_forward
- Which best describes economic growth? a) increase in labor force participation rate b) a decrease in structural unemployment c) an increase in consumer demand across an entire nation's population d)an increase in real GDP over a long period of timearrow_forwardA nation can achieve higher economic growth if Select one: a. the government increases the taxes on investment capital. b. it devotes more resources to research and development. c. it focuses its resources on consumption goods.arrow_forward
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