Question
1.What is economic growth? 2.What are the two broad sources of potential GDP growth? 3.What are the effects of an increase in the population on
1.What is economic growth?
2.What are the two broad sources of potential GDP growth?
3.What are the effects of an increase in the population on potential GDP, the quantity of labour, the real wage rate and potential GDP per hour of labour?
4.What are the effects of an increase in labour productivity on potential GDP, the quantity of labour, the real wage rate and potential GDP per hour of labour?
5.What is the key difference between the neoclassical growth theory and the classical growth theory?
6.What is the key difference between the neoclassical growth theory and the new growth theory?
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