Growth is a significant economic goal. Explain
Growth is a significant economic goal. Explain?
Expert
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.)
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Describe the equation of a linear relationship?
What is the scientific method and how does it relate to theoretical economics? What is the difference between a hypothesis and an economic law or principle?
Distinguish between Individual as well a market demand?
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
Explain the slope of a straight line is the ratio of the vertical change to horizontal change between any two points on the line?
The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value. Q : Increase the overall effectiveness of How the government can increase the overall effectiveness of the market system?
How the government can increase the overall effectiveness of the market system?
Question: 1. Nancy is taking a course in Fairy Tales from Professor Grimm and another in Philosophy from Professor Par. In each course there will be two exams, a midterm exam and a final exam. In Professor Grimm's
18,76,764
1924039 Asked
3,689
Active Tutors
1424163
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!