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Chapter 22.docx

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Department
Economics
Course
Economics 1022A/B
Professor
Desmond Mc Keon
Semester
Winter

Description
Chapter 22 22.1-  the economic growth rate is the annual percentage change of real GDP  real GDP growth rate= ((real GDP in current year)-(real GDP in previous year)/real GDP in previous year) x100  the rule of 72 states that the number of years it takes any variable to double is 72/the annual percentage growth rate of the variable  real GDP per person+ population growth rate=growth rate of real GDP  potential GDP is the quantity of real GDP produced when the quantity of labour employed is the full-employment quantity o to determine potential GDP we use a model with two components: aggregate production function and an aggregate labour market  the aggregate production function tells us how real GDP changes as the quantity of labour changes o an increase in labour increases real GDP (LS curve shifts right, real wage falls, aggregate hours increas
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