Economic growth (new)
8 important questions on Economic growth (new)
What is economic growth?
What is a growth rate and how can this be calculated?
can be calculated as: real GDP in current year - real GDP in previous year / real GDP in previous year x 100
Why does the real GDP increase?
2. potential GDP is increasing
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
What is the calculation for the rule of 70?
What is an aggregate production function?
What is the real wage rate?
What can make potential GDP grow?
- growth of labor productivity.
What changes labor productivity?
- public capital
- human capital
- social/cultural reasons
- technology improvements
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding