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thief
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25
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star
Double points!
Okay!
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fairy
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banana
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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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thief
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fairy
Take points!
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shark
Other team loses 25 points!
Okay!
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thief
Give points!
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15
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Name one factor that can increase potential economic growth.
Investment, improved education, technological progress, increased labour force.
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What is an output gap?
The difference between actual GDP and potential GDP.
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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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What is economic growth?
An increase in real GDP over time
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15
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Which curve shifts right when potential economic growth occurs?
LRAS
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Why may economic growth reduce unemployment?
Firms require more workers to meet higher demand.
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monster
Reset all scores!
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shark
Other team loses 20 points!
Okay!
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gift
Win 15 points!
Okay!
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baam
Lose 15 points!
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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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What type of unemployment is associated with a negative output gap?
Cyclical or demand-deficient unemployment
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monster
Reset all scores!
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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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thief
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15
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How might a recession create a negative output gap?
Falling aggregate demand causes actual output to fall below potential output.
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What is productivity?
Output per worker or per hour worked.
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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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