1. Suppose an economy's real GDP is $30,000 in year 1 and $31,600 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita? (Show ALL of your calculations!)
2. When and where did modern economic growth first happen? What are the major institutional factors that form the foundation for modern economic growth?
3. What are the determinants of economic growth? Be sure to identify the type of factor.
4. How is economic growth defined?
5. Why is economic growth important?
6. What are the main sources of economic growth?