Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 23, Problem 20SQ
To determine
The action that helps to increase the
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Draw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.
Answer the following options
Q#9) What has been true about the long term growth rate and growth path followed by the advanced nations since 1750 – the dawn of the “industrial revolution”?
(a) GDP growth has been modest, continuing the same trend from previous eras (b) GDP growth has increased enormously due to technical advances
Q#10) When the government takes the lead and pro-actively guides, supports and fosters technology advances and innovation, such as with the Internet, in aero- space (NASA) or Covid19 vaccines, which theory of economic growth is utilized?
(a) Neo-Classical Theory (b) Classical Theory (c) New Growth Theory
Distinguish between economic growth and economic development. How important is the accumulation of saving to a country’s economic growth?
Chapter 23 Solutions
Survey Of Economics
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Similar questions
- What other factors, aside from labor productivity and capital investment, can impact the economic growth of a country in a positive manner? a) protection of private property b) low levels of corruption c) new technology d) a fair and just court system e) All of the choices are correctarrow_forwardTrue or false Technological advancements is necessary for the economic growth in a country.arrow_forwardDo you expect that China, then India, will follow the growth paths of Japan and South Kora? What factors are similar across the countries, and what is unique about each of these four? Discuss with your peers.arrow_forward
- Real GDP in Country Z is growing at 5 per cent and its population is growing at 2 per cent. In Country L, real GDP is growing at 4 per cent and its population is growing at 0.5 per cent. Thus, Select one:- a. real GDP per person in Country L is growing at a faster rate than in Country Z. b. real GDP per person in Country L is growing at a rate that is not comparable to that in Country Z. c. real GDP per person in Country L is growing at the same rate as in Country Z. d. real GDP per person in Country Z is growing at a faster rate than in Country L.arrow_forwardThe government can achieve permanent higher growth rates by having two determinants of growth. The two primary determinants of growth are capital accumulation and technological progress. Capital changes when there are changes in investment and therefore, the saving rate. Because the saving rate cannot increase forever, capital accumulation cannot cause permanent changes in economic growth. Technological progress on the other hand, can result in permanent changes in economic growth.arrow_forwardDiscuss the role of institutions in economic growth. What type of institutions are important for economic growth, and why?arrow_forward
- Which of the following is the closest to the concept of economic development?a. economic growth accompanied by an improvement in the people’s quality of life.b. economic growth without improvement in the quality of lives of the people.c. economic growth due to increased GDP per capita.d. GDP per capita only.arrow_forwardEconomic growth is the expansion of production possibilities and is described as a leftward shift of the production possibilities frontier. a.False b.Truearrow_forwardWhich of the following will contribute to economic growth? a. Technologies that reduces production costs. b. Higher taxes. c. Lower taxes. d. Tightened industrial pollution regulations. e. None of the above.arrow_forward
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