/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q.9.1 Define economic growth and recog... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 9: Q.9.1 (page 189)

Define economic growth and recognize the importance of economic growth rates.

Short Answer

Expert verified

The economic growth rate is the rate at which the result of an economy increments after some time.

Step by step solution

01

introduction

Economic growth rate is utilized as a sign of the economic prosperity of a country. Economic growth is utilized as the most impressive instrument for decreasing neediness and working on the way of life of the inhabitants of a country.

02

explanation part (1)

Economic growth generates new positions and opens doors. The expansion in positions prompts an ascent sought after for work which thus prompts an ascent in wages and pay rates of common labourers.

Economic growth prompts an endless loop of flourishing and opportunity.

03

part (2)

Economic growth in one period will build results and pay in the other period which will thusly initiate firms to extend and increment yield further. Likewise, expanded pay because of economic growth will initiate families to put resources into instruction and work on their abilities. This will prompt a further improvement in the accessibility of gifted work in future.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Why do you suppose that the Japanese government is contemplating a policy of encouraging retired elderly people to move to the countryside? (Hint: Where are most capital resources located?)

Between the start of 2018 and the start of 2019 , a country's economic growth rate was4 percent. Its population did not change during the year, nor did its price level. What was the rate of increase of the country's nominal GDP during this one-year interval?

Consider the following table displaying annual growth rates for nations X,Yand Z, each of which entered2017 with real per capita GDP equal to$20,000.

a. Which nation most likely experienced a sizable earthquake in late 2017that destroyed a significant portion of its stock of capital goods, but was followed by speedy investments in rebuilding the nation's capital stock? What is this nation's per capita real GDP at the end of2020, rounded to the nearest dollar?

b. Which nation most likely adopted policies in 2017 that encouraged a gradual shift in production from capital goods to consumption goods? What is this nation's per capita real GDP at the end of 2020, rounded to the nearest dollar?

c. Which nation most likely adopted policies in 2017that encouraged a quick shift in production from consumption goods to capital goods? What is this nation's per capita real GDP at the end ofrole="math" localid="1651525075599" 2020 , rounded to the nearest dollar?

Could one substantial regulation that affects all firms potentially cause a larger decrease in productivity growth than dozens of minor rules? Explain.

Why does it appear to be difficult to assess whether there is a direct or inverse relationship between inequality and economic growth?
See all solutions

Recommended explanations on Economics Textbooks

Taxation Economics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.