1) Chapter 23: Economic Growth a) Define Economic Growth. What is the difference between Real GDP Growth Rate and Real G

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1) Chapter 23: Economic Growth a) Define Economic Growth. What is the difference between Real GDP Growth Rate and Real G

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1) Chapter 23: Economic Growth
a) Define Economic Growth. What is the difference between
Real GDP Growth Rate and Real GDP Per
Person Growth Rate? (5 pts)
b) Differentiate between Economic
Growth and Business Cycle Expansion by
providing an example. (5 pts)
c) ‘Economic growth is a sustained increase in potential GDP’.
Explain in your own words with an example. (10 pts)
d) Explain how and what factors lead to the growth of Potential
GDP? (5 pts)
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