Econ 104 Exam 2 Questions With Correct Answers

Econ 104 Exam 2 Questions With Correct Answers long-run economic growth produce goods and services - % change in (real) GDP refers to the increase over time in the economy's capacity to calculate the rate of growth in per capita real GDP from one year to the next capita = Real GDP/population the rule of 70 GDP per 70/growth rate = approx how long it would take the value to double determinant of long-run rate of growth 1) labor productivity: measured by the amount of goods and services produced by one hour of work. - capital & technology 2) property rights: rules (or laws) that define the ownership and use of private property - establish an independent court system to protect property rights & enforce contracts