Economic Growth
Noah Martinez
7 min read
Study Guide Overview
This study guide covers economic growth, focusing on its measurement using real GDP per capita. It explains how growth is represented by shifts in the Production Possibilities Frontier (PPF) and Long-Run Aggregate Supply (LRAS) curve. The guide also discusses the aggregate production function, the role of productivity, and factors influencing it (technology, physical capital, human capital, natural resources). Finally, it emphasizes the importance of savings and investment and provides practice questions and exam tips.
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Question 1 of 12
Economic growth is best described as a country's ability to:
Increase its population size
Produce more goods and services over time
Decrease its imports
Increase its price level