Long Run Economic Growth

Question 1

as standing of living increases it gets..

Answer 1

harder to continuously grow in large percentage rates

Question 1

Typically overtime GDP..

Answer 1

experiences economic growth (it is NOT perfectly even.)

Question 2

Long run economic growth..

Answer 2

typically gradual, growing at a few % per year. a gradual path in a current era

Question 3

The richer a country gets the harder it is to.

Answer 3

maintain steady growth

Question 3

The true wealth of a nation lies..

Answer 3

within a countries production to produce enough goods & services per person

Question 3

economic growth reps.

Answer 3

increase in aggregate output

Question 3

the main source of growth are..

Answer 3

1. Labor productivity (output per worker)
2. physical capital (buildings/materials)
3. Human capital (skills/knowledge)
4. technology