Economic Growth

Multiple Choice Questions

After watching the video lectureEconomic Growth, consider the question below. Then “submit” your response.

Question

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Question

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Question

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Question

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Question

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Question

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Question

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True/False Questions

After watching the video lecture Economic Growth, consider the question below. Then “submit” your response.

Question

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Question

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Question

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Short Answer/Discussion Questions

After watching the video lecture Economic Growth, consider the question below. Then “submit” your response.

Question

YhIg7Bh02VkW4/sMECkJawi7azDCvu3afgLMGAXwRYVkZbPXugU7CA==
Suggested solution: Economic growth is important because it can result in the growth of wealth for a country. Such wealth can be translated into (1) a better standard of living for citizens (everybody, rich and the poor, benefits), (2) better health and longevity (more spending on health care, better working conditions and a clean environment) and (3) savings that can be invested to sustain future growth (education, capital and technology, and infrastructure). (Answers may vary.)

Question

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Suggested solution: Economic growth creates wealth for countries (resources in excess of current needs) and some of this wealth can be used to finance better health care, safer and better working conditions, and the ability to invest in a cleaner and safer environment. (Answers may vary.)

Question

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Suggested solution: Capital in the form of technology, equipment and machinery can improve the productivity of a country’s workforce. An increase in productivity implies that more can be produced with a given amount of labor. This accelerates economic growth and wealth creation. (Answers may vary)

Question

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Suggested solution: The principle of compounding and the passage of time can result in small differences in growth rates yielding significant differences in wealth. For example, if two countries have the same wealth at the start of a 100 year period, a 1% difference in growth rate over the period will result in the faster growing country being 3 times richer than the slower growing country over the 100 years. (Answers may vary.)