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If the output gap is -0.6 and real potential output is 1.0, what is real
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- In 2020, the GDP was approximately $20 trillion. If GDP is expected to double in 20 years, what is the expected growth rate per year?For a high-income economy like Australia, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middleincome country such as India? A low-income country such as Afghanistan?Suppose the savings rate suddenly decreases. We can assume that real growth will _____ in the short-run and the steady-state of capital will _____ increase or decrease?
- Let's assume that in a South American country, the nominal GDP went down by 3%, while, the price level went down by 4%. What is the real GDP growth rate during this period in percentages?Suppose the savings rate suddenly decreases. We can assume that real growth will _____ in the short-run and the steady-state of capital will _____ increase or decrease? no constant for the answersgrowth in real GDP is not always seen as economic growth. why?
- For a high-income economy like Australia, what aggregate production functionelements are most important in bringing about growth in GDP per capita? What about a middle-income country such as India? A low-income country such as Afghanistan?For a high-income economy like the United States, what element of the aggregate production function are most important in bringing about growth in per capita GDP? What about the middle-income country such as Brazil? A low-income country such as Niger?Please explain the effect of public expenditure on economic growth?
- What is the potential impact of rapid economic growth on: a) A nation's tax base? b) GDP/Capita?Why might it be necessary to reduce consumer spending in order to attain fastereconomic growth? Would it be worth the sacrifice?In the very long run, what are the major factors that are responsible for growth in potential output or GDP? Use the production function to support your answer.
