Submit a 4- to 5-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) If 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? What are sources of labor productivity? 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: 4?5 pages double-spaced and typed.
The following items will be assessed in particular:
Your ability to understand international trade policy.
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.
Upload your paper to the Case 4 dropbox when it is completed.
Globalization is a reality of our current world market?and studies indicate the trend will continue. This module focuses on international trade and economic growth. Specifically, we will discuss the actions that nation?states take to promote or discourage trade and examines the economic consequences of these and other actions.
The Case Assignment focuses on how economies grow. We will examine the dynamics of economic growth and learn about the roles technological progress, capital, human capital, and other factors play in the growth of an economy. In the SLP, the quiz focuses on specialization, trade, and exchange markets.