Assignment:
Economic Growth
Submit a 5-6-page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations.
1. (a) Suppose the real GDP was $13.1 trillion in 2013 and $13.1 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 (a.)?
2. What are the sources of human capital? Discuss some specific examples.
3. What is the law of diminishing returns? Give an example of what law of diminishing returns implies.
4. What happens when the government raises taxes and uses revenue to engage in spending?
use the concepts from the projects background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper with website information added if applicable.
Length: 5-6-pages double spaced and typed in Times New Roman, Font 12
The following items will be assessed in particular
• Ability to understand what factors affect economic growth.
• Some in-text references to the project's background material in APA format.
• The essay should address each element of the assignment. Remember to support your answers with solid references