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ECO 202 Module 5 Case: Economic Growth and Human Capital
Submit a 2 or 3 page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations.
- (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)?
- What are the sources of human capital? Discuss some specific examples.
- What is the law of diminishing returns? Give an example of what the law of diminishing returns implies.
- What happens when the government raises taxes and uses revenue to engage in spending?
Use concepts from the modular 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.
Length: 3 pages double-spaced and typed.
The following items will be assessed in particular:
- Your ability to understand what factors affect economic growth.
- Some in-text references to the modular background material (APA recommended).
- The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.
When your paper is completed, upload it to the Case 5 dropbox
CASE: Economic Growth Name: Institution: Course Title: Instructor: Date: CASE: Economic Growth Economic growth is affected by many factors such as human capital and technological progress. Different countries experience difference economic growth in different times. It is not easy to compare the economic growth of two countries because of the different factors that contribute to the economic growth. To measure the economic growth of a certain economy, growth rate is used. Growth rate is the percentage change of the countryâ€™s real GDP (Gross Domestic Product) per capita (Pearson Education, 2015a). It is mainly used to measure the economic growth of a given country. Growth rate of a GDP is expressed by the fo