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1. Describe what GDP per capita measure and Sources of productivity growth. 2. Explain how government...

1. Describe what GDP per capita measure and Sources of productivity growth.

2. Explain how government policy affects economic growth.

3. Describe briefly the major impediments to policy success.

4. Explain in your own words why we trade with other countries.

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Answer #1

1. GDP per capita is the ration of the GDP and the population of a country. So, GDP per capita = GDP/ total population. Therefore, GDP per capita measures how much of the national income goes to an average citizen of the country.

Productivity growth depends mainly on two factors - development of human capital and improvement in technology. When there is development in human capital, the economy can produce higher output with the same level of inputs. In addition, the technological development also helps in producing a higher level of outputs with a given level of inputs.

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