(Answered) Answer below questionsproblem 1 a suppose real gdp was 131

Economics

Answer below Questions

Problem 1. (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)?

Problem 2. What are the sources of human capital? Discuss some specific examples.

Problem 3. What is the law of diminishing returns? Give an example of what the law of diminishing returns implies.

Problem 4. What happens when the government raises taxes and uses revenue to engage in spending?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91905918
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question - in february 2015 wal-mart announced that it

Question - In February 2015, Wal-Mart announced that it would increase the pay rate for all its lowest paid workers. Is this wage increase a growth in fixed costs or variable costs? Would it be affected by output? If Wal ...

Choose five concepts that characterize a price floor

Choose five concepts that characterize a price floor. Maximum legal price set by government Allocative inefficiency arises Minimum legal price set by government Permanent shortage results Price below equilibrium price Pe ...

Question to find a value of the standard normal random

Question: To find a value of the standard normal random variable? z, called z 0 0?, such that ?P( z greater than z 0 z > z0?)=.1922, which of the following is? correct: A. Tofind the correct z on the table two things mus ...

Question you have been shopping around for a student loan

Question: You have been shopping around for a student loan and you have seen some wide variance between interest rates. You need to borrow $30,000 for 4 years. A loan from your local bank comes with 7% per year interest, ...

Question if a bank has reserves of 35 million and demand

Question: If a bank has reserves of $35 million and demand deposits of $300 million, how much are the bank's (a) required reserves? (b) excess reserves? The response must be typed, single spaced, must be in times new rom ...

Question to solve the congestion problems of the big cities

Question: To solve the congestion problems of the big cities, Congress decides to increase the Federal gasoline tax by 25 c per gallon, with a rebate to largely rural states; the net effect will raise approximately $20 b ...

Question imagine the president of china xi jinping hires

Question: Imagine the president of China, Xi Jinping. hires you to advise him on how to increase the country's economic growth rate back up to about 9% annually from its current annual growth rate of about 6.5%. What wou ...

Question what features of medicare would cause an economist

Question: What feature(s) of Medicare would cause an economist to say that "Medicare stinks as insurance"? Medicare supplement insurance is available from the commercial market and most commonly covers ‘up-front' deducti ...

Question assume that the consumer purchases only two goods

Question: Assume that the consumer purchases only two goods, x and y. Based on the information in each of the following parts, sketch a plausible set of indifference curves (that is, draw at least two curves, and indicat ...

Question how can effective communication with people who

Question: How can effective communication with people who are different from us positively impact our personal identity? In what way does this affect our ability to understand other people's communication? Provide concre ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert