7 min read
This study guide covers economic growth, focusing on its measurement using real GDP per capita. It explains how growth is represented by shifts in the Production Possibilities Frontier (PPF) and Long-Run Aggregate Supply (LRAS) curve. The guide also discusses the aggregate production function, the role of productivity, and factors influencing it (technology, physical capital, human capital, natural resources). Finally, it emphasizes the importance of savings and investment and provides practice questions and exam tips.
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Question 1 of 11
Ready to grow your knowledge? 🚀 What is the primary way economists measure if a country is getting richer on average?
Nominal GDP
Real GDP
Real GDP per capita
Nominal GDP per capita