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Explain about Economys growth rate
Economy's growth rate: Long-term economic growth, or tendency growth, is the rate of growth the economy can sustain, ignoring the short-term ups and downs of the economic cycle. It can be demonstrate by the outward movement of the economy's production possibility frontier. The percentage annual enhance in real GDP measures economic growth.
(a) Explain the meaning of efficiency in economics and use a sketch diagram to illustrate its attainment by reference to the Production Possibility Curve. (b) Refer to the
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