EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 24, Problem 3DQ
To determine
Economic growth .
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Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2
million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was
the growth rate of real GDP per person during the year?
O 12%
O 10%
O 4%
2%
6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the
endogenous growth model. What effects does this have on the rates of growth and the
levels of human capital, consumption, and output? Explain your results.
Last year real GDP in the imaginary nation of Olympus was 445.0 billion and the population was 2.2 million.
The year before, real GDP was 390.0 billion and the population was 2.1 million. What was the growth rate
of real GDP per person during the year?
14.1 percent
O 0.09 percent
O 1.09 percent
8.9 percent
Chapter 24 Solutions
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