LJU6.docx - LJU6 Reflect on the major topics of this unit and answer any three of the problems at the end of chapter eight in the text book Be sure to

LJU6.docx - LJU6 Reflect on the major topics of this unit...

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LJU6 Reflect on the major topics of this unit and answer any three of the problems at the end of chapter eight in the text book. Be sure to consider alternative perspectives as you answer the problems. Concept Problem 9 : Suppose real GDP increases during President Obama’s term in office at a 5% rate. Would that imply that his policies were successful in “growing the economy”? Answer : An increase in real GDP does not imply that policies were successful in “growing the economy.” What is an indicator of economic growth is the rate of increase of potential output. According to Jahan and Mahmud (2013), “Potential output is the maximum amount of goods and services an economy can turn out when it is most efficient—that is, at full capacity.” Jahan, S., & Mahmud, A. S. (2013, September). What Is the Output Gap? Retrieved from https :// Numerical Problem 1 : The population of the world in 2003 was 6.314 billion. It grew between 1975 and 2003 at an
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