terrichichester-BU204-unit5-homework - HOMEWORK UNIT 5...

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HOMEWORK - UNIT 5 AND THE FINANCIAL SYSTEM Chapter 8: Problems 7 and 8 on page 209 Chapter 9: Problems 5 and 7 on page 235 Chapter 8 / LONG-RUN ECONOMIC GROWTH /28 7. What roles do physical capital , human capital , technology , and natural resources play in influencing long-run economic growth of aggregate output per capita? Increases in physical and human capital help the labor force produce more over time. Technological progress is probably the most important driver of productivity growth, the increase in technology has made it possible for the average worker to produce more witch in turn increases the GDP per capita. Natural resources have historically played a very important role in the increase in productivity but with the advances in technology, human, and physical capital they play a less important role now than they did in the past because we are able to synthesize many natural resources and use the man made version. /24 8. Through its policies and institutions, how has the United States influenced U.S. long-run economic growth? The U.S. has been politically stable while having laws and institutions protect private property. The government has supported economic growth through its support of public education and research and development. The U.S. economy has also attracted savings from domestic as well as foreign investors, this has
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This note was uploaded on 11/14/2011 for the course BU 204 204 taught by Professor Lyncheski during the Spring '11 term at Kaplan University.

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terrichichester-BU204-unit5-homework - HOMEWORK UNIT 5...

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