A fictional economy had a real GDP of $44,000 in 2020 and $50,000 in 2021. The population of this economy was 500 people

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A Fictional Economy Had A Real Gdp Of 44 000 In 2020 And 50 000 In 2021 The Population Of This Economy Was 500 People 1 (39.98 KiB) Viewed 12 times

A fictional economy had a real GDP of $44,000 in 2020 and $50,000 in 2021. The population of this economy was 500 people in 2020 and 550 people in 2021. Please answer each of the following: a. What was the real GDP per capita in 2020? b. What was the real GDP per capita in 2021? c. What was the economic growth rate in 2021? d. Approximately how many years would it take for real GDP per capita to double, assuming the economic growth rate computed in part (b) is sustainable indefinitely? e. Suppose this country wishes to increase its economic growth rate by increasing its human capital. Give an example of one government policy that could be enacted to increase the economic growth rate, explaining how the policy would accomplish that goal. f. Suppose this country wishes to increase its economic growth rate by improving its technology. Give an example of a government policy, different from the one provided in part (d) that could be enacted to increase the economic growth rate, explaining how the policy would accomplish that goal. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans,sa... V 10pt A ... P O WORDS POWERED BY TINY