Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 4DQ
To determine
Supply factors, demand factor and efficiency factor for the economic growth .
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
What is the relevance of productive and allocative efficiency to the growth process?
Draw a graph of a production possibilities curve with consumption goods and capital goods that displays the law of increasing opportunity costs. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?
Why are the factors of production (land, capital, labor, entrepreneurship) important to economic growth? Justify your answer by creating a situation that gives you a clearer view.
Knowledge Booster
Similar questions
- Explain why economic growth leads to lower death rates and better health?arrow_forwardQ.2.3 Supply factors are those that cause an expansion in the production capacity, also called the potential output of the economy. List any three supply factors of economic growth.arrow_forwarda. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth? Provide references where applicablearrow_forward
- List and describe four determinants of productivityarrow_forwardWhat are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process?c. What is meant by economies of scale and what is the importance of this concept to economic growth?arrow_forwardWhy does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?arrow_forward
- Four of the determinants of economic growth relate to supply side, i.e. the physical ability of the economy to produce. Which of the following is not one of those? Select one: a. Increases in the quantity and quality of natural resources. b. Increases in the supply (or stock) of capital goods. c. Improvements in technology. d. Increases in the quantity and quality of human resources. e. Efficient financial institutionsarrow_forwardBased on article "Technology and economic growth: From Robert Solow to Paul Romer" by Rui Zhao, Romer has successfully opened the black box and explained how technology can be produced by an economy without having to rely on external (exogenous) technology. Using the central equations of the Romer’s model, technology (At) can grow to At + 1 due to efforts in R&D and technology spillover. Explain the role of three key sectors in the economy to drive technological-based economic growth.arrow_forwardWhat are the three factors that impact productivity? Provide an example for each factor describing how productivity is impacted.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning