Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 7RQ
To determine
Role of computer in the economic growth .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What has been the average annual growth rate of U.S. real GDP per person over the 120 years from 1900 to 2020?
In which decade, beginning with the 1960s, was the growth of potential GDP per person greatest and slowest?
Over the 120 years from 1900 to 2020, the average annual growth rate of U.S. real GDP per person is
enter your response here
percent.
"Given the rate at which scientists are making new discoveries, we will soon reach the point that no further discoveries can be made. Economic growth will come to a stop.” Do you believe this to be an accurate statement? If so, why? If not, why?
Economic growth means an increase in the ability of an economy capable to produce goods and services; and it is shown by a movement of the production possibilities to the right.
True or False?
Knowledge Booster
Similar questions
- Consider the following table displaying annual growth rates for nations X, Y, and Z, each of which entered 2020 with real per capita GDP equal to $20,000. Country X Y Z 2020 7 4 5 Annual Growth Rate (%) 2021 1 5 4 2022 3 7 3 2023 492 a. The nation that most likely experienced a sizable earthquake in late 2020 that destroyed a significant portion of its stock of capital goods, but was followed by speedy investments in rebuilding the nation's capital stock, is Y Calculate this nation's per capita real GDP at the end of 2023. $ (Enter your response rounded to the nearest dollar.)arrow_forwardIs it possible to have economic growth with no opportunity cost? A)Yes, economic growth requires no current sacrifices-only the passage of time. B) No, but economic growth is always worth whatever sacrifice is required. C) No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow D) No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital tormation and research and development.arrow_forwardTRUE OR FALSE: 1. In developing countries, concentration of resources on higher education rather than basic education tends to lead in greater inequality. 2. The population growth, as the evidence suggests, also has a positive effect on economic growth.arrow_forward
- How do culture and institutions interact, as two fundamental causes of long-run economic growth? Explain with at least one real-life example.arrow_forwardDescribe the role energy plays in economic growth.arrow_forwardDefine Economic Growth. How has migration into America over the past 400 years contributed to economic growth.arrow_forward
- Discuss China's Economic growth of 5.2% last year and how their population decrease can negatively effect their economy.arrow_forwardWhich of the following would you say is the more important determinant of strong economic growth – high levels of human capital or rich endowments of natural resources? Explain your answer.arrow_forwardExplains the problems that declining populations can cause for long-run economic growtharrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning