Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Chapter 21, Problem 4QFR
To determine
To explain:
The impact on the country's long-term rate of
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Principles of Economics (Second Edition)
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- growth in real GDP is not always seen as economic growth. why?arrow_forwardExplain the different ways in which inequality can affect growth. Highlight any existing empirical evidence that you find interesting. Why?arrow_forwardHow has real GDP growth performed recently? Does it suggest the economy is growing close to potential (or the steady state rate of growth)?arrow_forward
- In 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in U.S. dollars). India was also one of the world’s fastest-growing economies, with an annual growth rate of real GDP of 7.3%. a. If the country maintains the same growth rate, how many years will it take for India’s GDP to double? b. Bangladesh’s GDP was $286.27 billion, but its growth rate was equal to India’s. How many years will it take for Bangladesh’s economy to double? c. Although Bangladesh and India have the same annual growth rate, their economies are much different in size. How can you explain the size difference to someone who is unfamiliar with scaling large numbers? Which strategies would you use?arrow_forwardWhy might it be necessary to reduce consumer spending in order to attain fastereconomic growth? Would it be worth the sacrifice?arrow_forward
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