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15
×
Give one government policy that may increase long-run economic growth.
Spending on education, infrastructure, or research and development.
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heart
Other team wins 15 points!
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magnet
Take 25 points!
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rocket
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thief
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25
15
×
How might a recession create a negative output gap?
Falling aggregate demand causes actual output to fall below potential output.
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boom
Lose 50 points!
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shark
Other team loses 25 points!
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shark
Other team loses 15 points!
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banana
Go to last place!
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15
×
Sketch an AD/AS diagram to illustrate a positive output gap.
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15
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What is a negative output gap?
When actual GDP is below potential GDP.
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15
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What is productivity?
Output per worker or per hour worked.
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15
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What is an output gap?
The difference between actual GDP and potential GDP.
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15
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Why might a country experience economic growth without an increase in living standards?
The benefits of growth may be unevenly distributed, or population growth may exceed GDP growth.
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baam
Lose 25 points!
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rocket
Go to first place!
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fairy
Take points!
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25
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banana
Go to last place!
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15
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How can investment contribute to economic growth?
It increases productive capacity and efficiency.
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15
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How can education and training increase potential growth?
By improving workers' skills and productivity.
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15
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ketch a short-run AD/AS diagram t o show how an increase i n aggregate demand causes actual growth.
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15
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Why may inflation occur during a positive output gap?
Demand exceeds the economy's productive capacity.
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15
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What is economic growth?
An increase in real GDP over time
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15
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How can technological progress affect economic growth?
It increases productivity and output.
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