Question

Please i need this answered in 10 minutes!!

5. Explain how a technological advance can contribute to economic growth. Also, explain how better-quality education for young people today can increase economic growth in the future.

6. Suppose that nominal gross domestic product (GDP) in the United States grew by 6%. Given that prices increased by 2% and the population grew by 1%, How much did per capita real GDP grow? In other words, what Is the economic growth rate for the United States?

7. Using the rule of 70 formula from Chapter 11(Please show your work and calculations below to receive credit), fill in the blanks below

If the annual growth rate in Real GDP is	then it will take________years for the economy or real GDP to double in size
4 percent in Country A
12 percent in Country B
8 percent in Country C

Question: Which country will experience economic growth sooner, country A, B or C? What factors, do you think, would contribute to high economic growth and for real GDP to double in size sooner for that particular country than for the other countries? What policies can the countries who are experiencing real GDP to double in size later to shorten the years in doubling real GDP in size and promote economic growth sooner? Explain.

8. Suppose we have the following table and figures below for the following countries. Please answer the questions, 5a and 5b. Please show your work and calculations.

Real GDP	Population	Per Capita GDP	Economic Growth Rate
U.S. $1,050 billion	50 million		6%
Cuba $50 billion	400 billion		-2%
Canada $ 300 billion	150 billion		5%

6a. Calculate Real GDP per capita for each country. Please show your work and caluclations

6b. Looking at the Per Capita GDP figures you calculated and the economic growth rate, which country has a higher standard living and has a higher economic growth rate and why? Give some reasons and some factors why this particular country has a higher Per capita GDP and a higher economic growth rate than the other two countries.

Answer 1

economic growth rate is growth of per capita output. Investing in youtyouth education is like building human capital resource