Bundle: Principles of Macroeconomics, Loose-Leaf Version, 7th + Aplia, 1 term Printed Access Card
7th Edition
ISBN: 9781305134935
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 12, Problem 2PA
Subpart (a):
To determine
Investment and consumptions and its effect on economic growth .
Subpart (b):
To determine
Investment and consumptions and its effect on economic growth.
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A. How is economic growth measured?
B. Why is economic growth important?
C. If a country's economy grows at an average rate of 14 percent per year, how many years would it take to double?
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?
Answer d only
a. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth? 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?
Chapter 12 Solutions
Bundle: Principles of Macroeconomics, Loose-Leaf Version, 7th + Aplia, 1 term Printed Access Card
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