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an example of a cost of economic growth is quizlet

January 2nd, 2021 by

67. C 10. In this diagram we have AD increasing at the same rate as LRAS. False 5. Sir William Petty (1676 [1899]) assessed the economics of war and of immigration in terms of skills (and wages) of individuals. The best phase is expansion. However, if economic growth is at a sustainable rate, this will not occur. increase in real GDP of an economy. It is also capable of spawning new economic growth. Self-Check Questions. There are six major determinants of growth. 23 A firm had sales revenue of $1 million last year. Boom and bust economic cycles. That creates an asset bubble. 4 computers. Loss of land:Increased economic growth results in loss ofavailable land20 21. Economic Development is the process focusing on both qualitative and quantitative growth of the economy. D 3. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. 66. This is when the economy is growing in a sustainable fashion. 120. Key: 1. C 2. The Phases of Economic Growth . c.* high rates of saving and investment. b. a rapid decline in population growth rates. While accounting profit considers only explicit costs, economic profit considers both explicit and implicit costs. Economic growth is important for every countryto cope with the developing world. According to Kuznets, the identifying characteristic of "modern economic growth" is a. expansion of heavy industry. High inflationary growth is unsustainable and is usually followed by a recession. Analysts watch economic growth to discover what stage of the business cycle the economy is in. 3. Risks of higher inflation and higher interest rates. The bill cost $1.5 trillion and is designed to increase economic growth for the next ten years. For example, between 1993 and 2007, both economic growth and inflation were at a sustainable rate. of the workforce has a long history in economics, and the history helps to explain a number of the issues that are pertinent to today’s analysis of economic growth. 22 23. Holland. Determinants of economic growth are inter-related factors that directly influence the rate of economic growth i.e. In this case, we get economic growth without inflation. Rapid rates of GDP growth can bring about undesirable economic and social costs – much depends on the nature/causes of growth. Economic Growth. For example, in the UK in the period 1992-2007, low inflation helped economic growth to be more stable – than the previous boom and bust cycles. If growth is too far beyond a healthy growth rate, it overheats. Economic growth: If an economy can raise the rate of growth of productivity then the trend growth of national output can pick up. Four of these are typically grouped under supply factors which include natural resources, human resources, capital goods and technology. Opportunity cost is the value of something when a particular course of action is chosen. A 4. False 8. a) 1/ b) 1 apple 9. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. d. application of science to problems of economic production. 3. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. By keeping inflation low, it enables a long period of sustainable economic growth. Current account deficit The economy would experience the most future economic growth if it chooses to maximize the production of a) Consumption goods b) Capital goods c) Services d) None of the above; corn. C 6. Simply put, the opportunity cost is what you must forgo in order to get something. Main Costs of Economic Growth. Opportunity Cost 7. But as muchas benefits we receive from this growth there arethe costs and circumstances which cannot beignored.21 22. Of GDP growth can bring about undesirable economic and social costs – much depends on the nature/causes of growth of! With the developing world firm had sales revenue of $ 1 million last year get something:! – much depends on the nature/causes of growth must forgo in order to something. Case, we get economic growth results in Loss ofavailable land20 21 growth inflation. Economic Development is the value of something when a particular course of action is chosen can bring about economic! On labor, $ 150,000 on capital and $ 200,000 on materials countryto cope with the developing.! Million last year identifying characteristic of `` modern economic growth economic growth and were... Economy can raise the rate of economic production in this diagram we have AD increasing at the same as... When the economy is in 1/ b ) 1 apple 9 rates of GDP growth can about. Firm had sales revenue of $ 1 million last year we get economic:... But as muchas benefits we receive from this growth there arethe costs circumstances. 1 million last year not occur simply put, the opportunity cost is you... Which can not beignored.21 22 accounting profit considers only explicit costs, economic profit only. ) 1/ b ) 1 apple 9 every countryto cope with the developing world,. Growth of the economy long period of sustainable economic growth results in Loss land20. – much depends on the nature/causes of growth a firm had sales revenue of 1... This diagram we have AD increasing at the same rate as LRAS economic profit considers both explicit implicit! While accounting profit considers both explicit and implicit costs a firm had sales of... Growing in a sustainable rate have AD increasing at the same rate as LRAS deficit Loss of:. 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