Explain how public policy can increase long run growth in productivity.
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Macroeconomics: A. How do we measure long term economic growth of a country? What are the key determinants of long run economic growth? B. What is the relationship between economic growth and productivity? What is the major source of growth in labor productivity?
Most economists use the aggregate demand and aggregate supply model primarily to analyze
a. short-run fluctuations in the economy.
b. the effects of macroeconomic policy on the prices of individual goods.
c. the long-run effects of international trade policies.
d. productivity and economic growth.Ā