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Exam 8: Economic Growth

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Question 21

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Offer a defense of economic growth.

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The case for economic growth is compelli...

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Question 22

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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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Question 23

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How might poorer nations catch up to richer countries in terms of GDP per capita?

Explain why even small changes in the rate of economic growth are significant.Use the "rule of 70" to demonstrate the point.

Summarize the four supply factors in economic growth.

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?

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

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?

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

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

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

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

Summarize the historical growth record of Canada between 1961 and 2011 in terms of real GDP growth and in terms of real GDP per capita growth.

Explain the demand factor in economic growth.