Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014
Question # 00213027
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Updated on: 03/03/2016 11:14 PM Due on: 04/02/2016
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- (a.) Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate? (b.) How many years would it take for GDP (gross domestic product) to double (using your answer from part (a)?
- What are the sources of human capital? Discuss some specific examples.
- What is the law of diminishing returns? Give an example of what the law of diminishing returns implies.
- What happens when the government raises taxes and uses revenue to engage in spending?
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Solution: Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014