1.)Fill in the blanks in the table below.

Country	Nominal GDP growth	Population growth	Inflation	Real GDP growth per capita
Svea	5%	3%	%	-2%
Bonifay	1%	1%	0%	%
Chaires	%	2%	8%	4%
Drifton	3%	1%	-1%	%
Estiffanulga	7%	%	2%	4%

2.)

	Impact on productivity	Component of productivity
a. The local government builds a new school.	(Click to select) Decrease Increase	(Click to select) Natural resources Human capital Technology Physical capital
b. Teachers in the new school hold classes for young students.	(Click to select) Decrease Increase	(Click to select) Physical capital Technology Human capital Natural resources
c. A manufacturer installs robots on its assembly line.	(Click to select) Decrease Increase	(Click to select) Human capital Physical capital Technology Natural resources
d. A research team designs a more efficient system of irrigation.	(Click to select) Decrease Increase	(Click to select) Human capital Natural resources Physical capital Technology
e. A soft drink company discovers a new source of underground water that can be used to make its products.	(Click to select) Decrease Increase	(Click to select) Technology Natural resources Physical capital Human capital
f. A professor writes a new and improved economics textbook.	(Click to select) Decrease Increase	(Click to select) Technology Human capital Natural resources Physical capital
g. A large number of people have less access to health care.	(Click to select) Decrease Increase	(Click to select) Technology Human capital Physical capital Natural resources
h. A worker receives on-the-job training to be a mechanic.	(Click to select) Decrease Increase	(Click to select) Human capital Technology Physical capital Natural resources

3.)

Name the type of institution that is responsible for promoting a stable environment for the economy in each of the following situations.

a. Someone steals your car, but is caught: (Click to select) Police department Environmental Protection Agency Court system .

b. You claim that your employer violated the terms of your employment contract: (Click to select) Court system Police department Environmental Protection Agency .

4.)Reference equation: Real GDP per capita growth rate = Nominal GDP growth rate - Inflation rate - Population growth rate.

This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The table below lists a fictional country's nominal GDP, real GDP, GDP deflator, and population over two years.

Year	Nominal GDP	GDP deflator	Real GDP (2012 dollars)	Population
2019	$1,100,000	100	$1,100,000	1,000
2020	$1,200,000	105	$1,142,857	1,005

a. Verify that the real GDP values in the above table are accurate.

Instructions: Round your answers to one decimal place.

b. This country's real GDP per capita for 2019 is $ .

This country's real GDP per capita for 2020 is $ .

c. The growth rate in this country's real GDP per capita between 2019 and 2020 is %.

d. The growth rate in nominal GDP between 2019 and 2020 is %.

The growth rate in the GDP deflator between 2019 and 2020 is %.

The growth rate in the population between 2019 and 2020 is %.

5.)Consider the information for the three countries in the table below.

Country	Income per capita ($)	Real per capita GDP growth rate (%)
Ansonia	5,000	7.0
Trumbull	7,500	4.5
Shelton	10,000	2.0

These countries (Click to select) will not will converge to the same level of economic development given enough time.

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