1. How is economic growth measured? Why is economic growth important?
8. Explain why there is such a close relationship between changes in a nation’s rate of productivity growth and changes in its average real hourly wage.
In 1820 living standards in various places around the globe were _________ they are today. WHY???
a. More widely varying than.
b. Just as widely varying as.
c. Less widely varying than.
1. Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Please answer all the questions.