1/ Please lists four complications that the AS/AD model misses with a short (one sentence is fine) description of each.

2/ Please define the Paradox of Thrift. How does this macroeconomic view of saving differ from the lay-person's view of saving?

3/ Per Capita Growth:

1. If GDP grows by 3%, and we have a 1% change in population, what is the Per Capita Growth rate?
2. U.S. GDP was 14.96 trillion dollars, and the population was 309.3 million in 2010. U.S. GDP was 16.77 trillion dollars, and the population was 316.5 million in 2013. (source: World Bank, U.S. Census Bureau) Calculate Per Capita Growth over this period.

Note: to calculate %change, subtract the 2010value from the 2013value and divide the result over the 2010value.The final result shouldbe multiplied by 100 to get the %.

%Change=NewOldOld100

4/ Please lists 5 sources of economic growth and choose one to describe in detail. Include an example of the source that you selected, as well as a brief description of how adding to that source year would lead to greater output in the future.