If the population growth rate is 2%, the incremental capital output ratio is 3, the saving ratio is 24%, and the depreciation rate is 5%, the rate of growth of income is

What does GDP measure, and what is the formula for calculating GDP using the expenditures approach?

What will be an ideal response?

Davis (1963) compares U.S. and British industrialization. What does he note in each country during industrialization?

(a) A rise in the number of giant banks in both countries (b) A rise in the number of small banks in the U.S. but a rise in the number of giant banks in Great Britain (c) A rise in the number of small banks in Great Britain but a rise in the number of giant banks in the U.S. (d) A decrease in capital accumulation because of a small number of free banks