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WendyEller-Assignment-Unit 5

WendyEller-Assignment-Unit 5 - Wendy Eller BU 204-02AU...

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Wendy Eller BU 204-02AU November 13, 2009 Assignment-Unit 5 Chapter 8 Problem 7 What roles do physical capital, human capital, technology, and natural resources play in influencing long run economic growth of aggregate output per capita? Answer: When workers are better equipped with more physical capital (human made resources such as buildings and machines), human capital (improvement in labor created by the education and knowledge embodied in the work force), technology (the technical means for the production of goods and services) and natural resources, their productivity rates are higher. By increasing technology, we have made physical capital increases a person can put out more than before, and human capital. We have more people in the work force and natural resources such as land to cultivate. These are the roles for long run economic growth of aggregated output per capita. Problem 8 Through its policies and institutions, how has the United States influenced the US long run economic growth? Why might persistently large borrowing by the US government ultimately limit long run
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