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If an economy has 2,000 workers with each working 3,000 hours per year and the average real output per worker-hour is $10, what is real GDP?

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Real GDP i...

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Suppose an economy's real GDP is $125 billion in year 1 and $130 billion in year 2.What is the growth rate of its GDP?

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The growth rate is 4...

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Are economic growth and progress synonymous? How might they differ?

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This is an open-ended question to which ...

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Define modern economic growth.When did it seem to start?

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Modern economic growth is characterized ...

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Suppose an economy's real GDP is $100,000 in year 1 and $110,000 in year 2.What is the growth rate of its GDP? Assume that population was 200 in year 1 and 205 in year 2.What is the growth rate in GDP per capita?

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Real GDP grew by 10% ($10,000/$100,000 blured image ...

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Identify the two major ways economic growth is measured.

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Economic growth can first be defined and...

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What are the characteristics of current rise in the Average Rate of Productivity Growth that distinguishes it from the economy of previous periods?

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First, there has been an expansion of entrepreneurship and innovation based on the information technologies arising from the microchip and other information resources such as the Internet and communication devices.Second, there are many new start-up firms that were not in business 30 years ago that are taking advantage of the new information technology.These businesses often experience increasing returns to scale.Third, global competition has reawakened capitalism around the world.Trade barriers have fallen and former socialist nations are now making a transition to market-based economies.

Is growth felt evenly across society and around the world?

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No.GDP per capita is an average measure ...

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Canada's economy has realized significant economic growth in the last 50 or so years.Still, there are some items missing in our growth calculations that might impact our standard of living.List three of them and describe how their inclusion might modify our interpretation of economic growth statistics.

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Economic growth is based upon the growth...

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Suppose an economy's real GDP is $50,000 in year 1 and $55,000 in year 2.What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2.What is the growth rate in real GDP per capita?

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Real GDP grew by 10% ($5,000/$50,000 blured image 10...

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What is meant by economies of scale and what is the importance of this concept to economic growth?

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Economies of scale are production advant...

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What are the economic implications from the current rise in the Average Rate of Productivity Growth?

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Higher productivity growth per...

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What is the relevance of productive and allocative efficiency to the growth process?

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Productive efficiency means resources ar...

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What are the reasons for improved resource allocation?

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Resources are more efficiently allocated...

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What are some of the positive changes associated with modern economic growth?

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Significant growth in GDP per capita has...

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Explain the demand factor in economic growth.

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Aggregate demand must be sufficient and growing to purchase the expanding output of the economy.When this occurs, there will be no unplanned increases in inventories and resources will be fully employed.Total spending in the economy needs to match total production.

Offer a defense of economic growth.

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The case for economic growth is compelli...

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What is the efficiency factor?

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The efficiency factor is defined as the capacity of an economy to combine resources effectively to achieve growth of real output that the supply factors make possible.Furthermore, the efficiency factor refers to economic efficiency, which is achieved when resources are used in the least costly way (productive efficiency) and are used to produce the mix of products most wanted by society (allocative efficiency).

Does the recent increase in the average rate of Productivity Growth mean that the downward trends of the rate of economic growth will not occur in the future?

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Although the current productivity growth...

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Economy growth matters? Either support or critic the statement and support your answer.Use a numeric example as part of your support or critic.

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When compounded over many decades, small...

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