1. What is economic growth? 2. Suppose an economy's real GDP is $50,000 in year 1 and $55,000 in year 2. What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2.' What is the growth rate in GDP per capita? 3. Explain why even small changes in the rate of economic growth are significant. Use the a rule of 70" to demonstrate the point. 4. Which is more important - increasing inputs of resources or increasing the productivity of these inputs - as the main source of economic growth in the U.S.? Explain