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Q. Explain Growth theory?
The purpose of this topic is to try to explain growth in GDP. The models in this topic are very different from the rest of the models as they use only production function and factors of production to explain growth. Growth models are significant, for instance, if you want to understand why some countries grow faster and have a higher living standard than other countries.
By growth, we mean percentage change in real GDP. We use real GDP to eliminate the effect of inflation. In this topic, it is perfectly OK to think of inflation as being zero in which case real and nominal GDP are the same.
In this topic we begin by describing the aggregate production function. The rest of this topic will look at some different growth theories.
What is the opportunity cost of economic growth? Opportunity cost measures the cost of an economic option within terms of the next best option foregone. The government of a
The price and quantity of lumber and other building materials has gone up recently. Show graphically and explain what might have caused this.
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In the short run, the discrepancy between actual and expected price level causes changes in output and employment. But in the long run, if all other things remain constant, the hig
The following information has been extracted from the recently published accounts of Noddy Plc: Balance sheet as at 31 st May
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