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ECO 210 Chp 7 HA - 3.1 a high point of economic activity =...

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Macroeconomics 210 Chapter 7: Economic Growth, The Financial System and Business Cycles Homework Assignment Chapter 7 (pg. 234 #1.3, 1.9; pg. 237 3.1) 1.3) The two key factors that cause labor productivity to increase over time are 1) the quantity of capital per hour worked and 2) the level of technology. 1.9) 70/1.9 = 36.84 years to double real GDP per capita
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Unformatted text preview: 3.1) a) high point of economic activity = Business Cycle Peak b) low point of economic activity = Business Cycle Trough c) period between the high point of economic activity and the following low point = A Recession Phase d) period between the low point of economic activity and the following high point = An Expansion Phase...
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