Economic growth is defined as equal to the increase in A) employment. B) population. C) real GDP. D) the price level. E) the inflation rate. Productivity: The term productivity in economics can be defined as the rise in aggregate prod...
The extent to which economic growth is associated with higher employment-- the employment intensity of growth-- can be depicted as the quotient of the rate of change in total hours worked and that of real gross domestic product. It must be borne in mind that this relation is neither ...
Question: When economists measure economic growth, they often use: a. the inflation rate b. the unemployment rate c. nominal GDP d. real GDP Gross Domestic Product (GDP): Gross Domestic Product is the measure of output of a country's economy...
is added, and shows how this can affect the long run growth rate of an economy. 2 Endogenous Growth: InÞnite Lifetimes Historically, the engine of growth as depicted in Solow’s seminal work on the topic (1956) was the assumption of exogenous technical change. Thus, initially, growth...
In contrast, returns (as depicted in Fig. 6) tend to cluster around the average on the day before and on the day of the speeches. Table 7 The different distance measures described in Sect. 4 are computed and reported, a reference them is found in the first column Full size table Table...
If the trend continues, the prosperity gap between the average European and American in 2035 will be as big as between the average European and Indian today. …Economic growth in the Euro Area, a region that is comparable with the US, has been deeply disappointing: the region has been ...
Rostow defines this as a period of two or three decades during which the economy transforms itself in such a way that economic growth becomes, sub- sequently, more or less automatic; its characteristics are a reduction of the rural proportion of the population, a doubling of savings rates and...
In industrial-based economies, the energy-intensive economic structure is often characterized by domestic material consumption, including biomass resources extraction as raw materials for manufacturing processes, thus, explaining the bidirectional causality between biomass and economic growth. Primary metal-...
The concept behind the Phillips curve states the change in unemployment within an economy has a predictable effect onprice inflation. The inverse relationship between unemployment and inflation is depicted as a downward sloping, convex curve, with inflation on the Y-axis and unemployment on the X-...
economic growth. Experience has shown that economic variables often perform uncontrollably in response to unforeseen economic shocks, changes in economic structure, or changes in terms of government policy, which can have a detrimental effect on the economy as a whole. The consequence of uncontrolled ...