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To What Extent Is It Possible to Achieve Sustained Economic

question 157

Essay

To what extent is it possible to achieve sustained economic growth by replicating what has already been done (in terms of,for example,building more roads,factories,and office buildings)? Explain by referring to the concepts of diminishing returns and steady state.


Definitions:

Gross Earnings

The total income earned by an individual or a business before any deductions or taxes are taken out.

Withholding Allowance

A claim made by an employee on a form W-4 to determine the amount of income tax withheld from their paycheck.

Federal Income Tax

A charge imposed by the IRS on the yearly income of persons, corporations, trusts, and various legal bodies.

Gross Earnings

The total amount of money earned by an individual or company before deductions such as taxes and retirement contributions.

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