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Briefly explain why initial levels of GDP might influence subsequent economic growth.
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Q1 (A) Briefly explain why initial levels of GDP might influence subsequent economic growth. Economic growth is reflected by an overall improvement in the quality of life in a given country. This may include better health care, a cleaner environment and more freedom in terms of choosing work and leisure activities. During times of economic growth, the overall wealth of a country increases, as do the variety and abundance of goods and services. Economic growth is not easy to measure. A widely used for economic growth is changes in real gross domestic product (GDP) per capita, the final sales of goods and services in a country per person, adjusted for inflation. Economists track real GDP per capita over time to compare growth among countries and the effects of various factors of economic growth Consider the effects of an increase in real GDP. Such an increase represents economic growth. Thus, the study of...
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