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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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15
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What is a positive output gap?
When actual GDP exceeds potential GDP.
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15
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What is meant by potential economic growth?
An increase in the economy's productive capacity (LRAS).
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15
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What is economic growth?
An increase in real GDP over time
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seesaw
Swap points!
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fairy
Take points!
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25
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gift
Win 25 points!
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banana
Go to last place!
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15
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Which curve shifts right when potential economic growth occurs?
LRAS
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How can education and training increase potential growth?
By improving workers' skills and productivity.
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banana
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star
Double points!
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gift
Win 15 points!
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thief
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25
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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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What type of unemployment is associated with a negative output gap?
Cyclical or demand-deficient unemployment
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What is productivity?
Output per worker or per hour worked.
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What is meant by trend growth?
The long-term average rate of economic growth over a period of time.
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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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How can technological progress affect economic growth?
It increases productivity and output.
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thief
Give points!
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25
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shark
Other team loses 25 points!
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shark
Other team loses 25 points!
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lifesaver
Give 20 points!
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15
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Give one government policy that may increase long-run economic growth.
Spending on education, infrastructure, or research and development.
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