--%>

Growth is a significant economic goal. Explain

Growth is a significant economic goal. Explain?

E

Expert

Verified

Growth is an significant economic goal because it means more and more material abundance and ability to meet the economizing problem.  Growth decreases the burden of insufficiency.

The arithmetic growth is imposing.  Using the “rule of 70,” a growth rate of 2% annually would take 35 years for GDP to double, but a growth rate of 4% annually would only take about 18 years for GDP to double.  (The “rule of 70” uses the absolute value of a rate of change, divides it into 70, and the result is the number of years it takes the underlying quantity to double.)

   Related Questions in Business Economics

  • Q : Exchange is the necessary consequence

    Explain: “Exchange is the necessary consequence of specialization.”

  • Q : Problem on prisoners dilemma game Lets

    Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players

  • Q : How can we evaluate cost of capital How

    How can we evaluate cost of capital?

  • Q : Distinguish between allocative

    Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?

  • Q : Writ short note on the income of

    Writ short note on the income of functional distribution?

  • Q : Decentralized a virtue of capitalism

    The idea which a virtue of capitalism is decentralized its decision making emerged while: (1) social philosophers looked for alternatives to feudal kings like economic regulators. (2) Russian imperialism fostered anti-communist sentiment after World W

  • Q : Illustration of Absolute and Relative

    The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore:  (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have

  • Q : Distinguish clearly between a plant

    Distinguish clearly between a plant, a firm, and an industry?

  • Q : Government Pegged Currencies Question:

    Question: If a government pegs the value of its currency to another currency, the government must stand ready to i. _________________________ the "hard" currency to defend the pegged value of its own currency. ii.

  • Q : Labour economic Can someone help me in

    Can someone help me in finding out the right answer from the given options. The Taft Hartley Act of 1946 made it illegal to encompass a: (1) Right-to-work law passed by the state legislature. (2) Conviction for the misdemeanor and serve as union officer. (3) Union for the agricultural migrants or go