Author Question: What is economic growth and why are growth rates so important? What will be an ideal ... (Read 126 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
What is economic growth and why are growth rates so important?
 
  What will be an ideal response?

Question 2

A point inside a production possibilities curve indicates
 
  A) resources are not being used efficiently.
  B) resources are being used very efficiently.
  C) opportunity costs are constant.
  D) an output combination that is unobtainable with the current resource and technology levels



reelove4eva

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

Economic growth is measured by increases in per capita real Gross Domestic Product (GDP). Economic growth results in a higher standard of living, measured in production of new final goods and services, for the average member of society. Sustained small increases in the growth rate of per capita real Gross Domestic Product (GDP) can lead to large absolute increases in per capita real Gross Domestic Product (GDP) due to the power of annual growth compounding.

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

For a complete list of videos, visit our video library