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QLDEconomicsQuick questions
Unit 4: Contemporary macroeconomics
Quick questions on Economic growth: sources, benefits and costs (QCE Economics Unit 4)
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is demand-side?Show answer
Actual growth in the short run is driven by the components of aggregate demand: consumption, investment, government spending and net exports. Rising consumer and business confidence, lower interest rates, fiscal stimulus or stronger overseas demand lift AD and raise actual growth toward (or beyond) potential.
What is supply-side?Show answer
Potential growth depends on expanding productive capacity:
What is q1?Show answer
Distinguish between actual economic growth and potential economic growth. [3 marks]
What is q2?Show answer
Identify and explain three supply-side sources of long-run economic growth. [4 marks]
What is q3?Show answer
Analyse the benefits and costs of economic growth for Australia, and explain what is meant by "sustainable" growth. [6 marks]
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