ECON-2006EG Study Guide - Quiz Guide: First Growth, Total Fertility Rate, Michael Polanyi
7 Mar 2021
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Document Summary
Gross domestic product (gdp): is a measure of the value of all of the goods and services produced in a country in a year. Purchasing power parity (ppp): exchange rates, which are based on the prices of a standardized basket of goods and services (both traded and non-traded). Ratio scale: on a ratio scale, equal spaces on the vertical axis correspond to equal proportional differences in the variable being graphed. Linear scale: equal spaces on the vertical axis correspond to equal differences in the variable being graphed. Rule of 72: formula for estimating the amount of time it takes something growing at a given rate to double. Doubling time = 72/g g: percentage annual growth. Income growth is predictable, and varies among countries. But lack of trend growth does not mean that living standards were constant: preindustrial economy was characterized by year-to- year fluctuations.
