14 May IN WHAT WAY IS PER CAPITA GDP A BETTER MEASURE OF ECONOMIC WELL BEING THAN GDP?
Problems
Problem 1
In what specific ways (if any) does a college education increase a worker’s productivity? Take some
special care with this problem.
Problem 2
In what way is Per Capita GDP a better measure of economic well being than GDP? How does this relate
to economic problems in the undeveloped world?
1
Problem 3
Is limitless growth possible? Justify your answer thoroughly.
Problem 4
If GDP is increasing by 3% per year how long will it take GDP to double?
2
Problem 5
Given the same conditions in Problem 4, how long will it take Per Capita GDP to double if the population
grows at 2%?
Internet Questions
Question 1
Visit: http://www.heritage.org/index/Default.aspx
Visit the Heritage Foundation website page for the Index of Economic Freedom. How does economic
freedom in the U.S. compare to countries in South America and in Europe? How would you expect future
economic growth in the U.S. to compare to those nations? Explain.
3
Question 2
Visit: http://www.bea.gov/national/xls/gdpchg.xls
This site is part of the Bureau of Economic Analysis website. Look at the inflation adjusted data and
identify the periods of negative real economic growth. What might have caused each of these periods of
economic decline? You may have to do a little history study. Be sure to relate your response to the
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