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Chapter 19: Q 15. (page 471)

What other factors, aside from labor productivity, capital investment, and technology, impact the economic

growth of a country? How?

Short Answer

Expert verified

Strong social and legal frameworks

Step by step solution

01

Step 1. Define economic growth.

Economic growth is defined as the increase or enhancement in the inflation-adjusted market price of an economy's products and services through time.

02

Step 2. Factor that impact the economicgrowth of a country.

Strong social and legal foundations, a working legal system, ownership provision of private property, protection of intellectual property are some of the factors that impact the economic growth in a nation.

Laws protecting intellectual property encourages people to be involved in innvoation, so that they can benefit from it, on one hand, while on the other hand, it improves productivity in the economy.

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Most popular questions from this chapter

Using the data in Table 19.3, rank the seven regions of the world according to GDP and then according to GDP per capita

Region
Population (in millions)
GDP Per Capita
GDP = Population × Per Capita GDP (in millions)
East Asia and Pacific2,006\(5,536\)10,450,032
South Asia1,671\(1,482\)2,288,812

Sub-Saharan Africa936.1\(1,657\)1,287,650

Latin America and Caribbean588\(9,536\)5,339,390

Middle East and North Africa345.4\(3,456\)1,541,900

Europe and Central Asia272.2\(7,118\)1,862,384

Table 19.3 GDP and Population of Seven Regions of the World

Explain what will happen in a nation that tries to solve a structural unemployment problem using expansionary monetary and fiscal policy. Draw one AD/ AS diagram, based on the Keynesian model, for what the nation hopes will happen. Then draw a second AD/ AS diagram, based on the neoclassical model, for what is more likely to happen.

What are the major issues with regard to trade imbalances for the U.S. economy?

Show, using the AD/AS model, how governments can use monetary policy to decrease the price level.

What are the two types of unemployment

problems?
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