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1. Use the data on US. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Show our work M" eal GDP (2009 prices 1993.9,510,800 million v 57.8 million Mi.15,470,700 million 13.85 millio 2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity and the standard of living mean. Make a list of things that determine labor productivity. 1. If the government reduces transfer payments, what happens to the budget decit? What curve does this change in the market for loanable funds, which direction does it shift, and what happens to the equilibrium interest rate? 2. Congress and the President allow people to make greater contributions to tax-deferred savings accounts. Which curve in the market for loanable funds would shift, which direction would it shift, what would happen to the interest rate, and what would happen to investment spending