Chapter 28 questions (1).docx

Chapter 28 questions (1).docx - Chapter 28 Questions 1...

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Chapter 28 Questions 1. Suppose an economy’s real GDP is $50,000 in year 1 and $55,000 in year 2. What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2. What is the growth rate in GDP per capita? 2. If a nation’s productivity grows by 3% rather than 1.5% over many years, what will be the difference in the nation’s standard of living? Explain. ( Use the Rule of 70 to calculate and explain your answer.) 3. What is the efficiency factor?
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4. Assume that an economy has 2000 workers, each working 3000 hours per year. The average real
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