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Q. Explain Growth theory?
The purpose of this topic is to try to explain growth in GDP. The models in this topic are very different from the rest of the models as they use only production function and factors of production to explain growth. Growth models are significant, for instance, if you want to understand why some countries grow faster and have a higher living standard than other countries.
By growth, we mean percentage change in real GDP. We use real GDP to eliminate the effect of inflation. In this topic, it is perfectly OK to think of inflation as being zero in which case real and nominal GDP are the same.
In this topic we begin by describing the aggregate production function. The rest of this topic will look at some different growth theories.
Determine the Economic functions of money There are three functions of economics of money - A medium of exchange. - A unit of account - Store of value.
#“Nominal GDP declined between 2008 and 2009, therefore the GDP deflator must also have declined.”
Suppose the demand for loanable funds was stable but the supply fluctuated from year to year. what cause fluctuate in supply?
When the reserve requirement changes, which of the following will change in the total banking system? (Answer change or No Change) Transaction Deposits Total Reserves Req
types of production function models
what is real and norminal interest rates?
Assume that Jimmy Cash has $2100 in his checking account and uses his checking card to withdraw $210 from his ATM machine. By what amount did M1 change from this individual transac
BENEFITS OF GDP
The benefits of capitalism are that the governments have limited control over other business, which lets business compete.
Q. Interest rates and inflation? Assume you have 1 million on 1st January 2008. A basket of services and goods similar to the CPI basket costs 100,000. You can then purchase ex
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