Tysharain Martin 03/08/2016 Review Questions 1-8 Page 589
1. If real GDP grows at 7 percent per year, then real GDP will double in approximately _ years.
Answer: C. 10
2. In 18 living standards in various places around the globe were _ they are today?
Tysharain Martin 03/07/2016 Discussion Questions 1 8
1. How is economic growth measured? Why is economic growth important? Why could the
difference between a 2.5 percent and a 3 percent annual growth rate be of great significance
over several decades?
Macro HW 3
Problem 11 page 49
11. Distinguish between the resource market and the product market in the circular flow model.
In what way are businesses and households both sellers and buyers in this model? What are the
Homework Review Questions Pg. 611- 612 #1-6
Place the phases of the business cycle in order.
2. Most economist agree that the immediate cause of the large majority of cyclical chang