pic Macro Topic 5.6 The Economic Growth Part 1 - Check Your Understanding- Answer the questions. Canada China Chile Fill rGDP growth rate 2015 0.9% 6.9% 2.3% ead 2016 1.5% 5.7% 1.6% 2017 3.0% 6.8% 1.4% GDP per capita 2015 $47, 100 $14,800 $24,400 2016 nsact $47,200 $15,700 $24,500 2017 $48, 100 $16,600 $24,600 Source: CIA Factbook 1. Calculate the growth rate in real GDP per capita for Canada, China, and Chile from 2016 to 2017. set DE 2. Explain why the growth rate in real GDP per capita is a more accurate way to measure economic growth than the real GDP growth rate. 3. Identify one reason that could explain why China has a higher GDP per capita growth rate than Ex Canada or Chile. Part 2 - Practice- Use the aggregate production Real GDP function to the right to answer the questions. Per Worker (in millions) Curve 2 4. Define productivity and identify the relationship $60 D between productivity and physical capital. Ta wl Curve 1 Inc $40 - 5. Using points on the graph, show the result of an increase in physical capital. How will this affect real GDP? A $20 6. Explain why additional amounts of physical capital don't increase output at a constant rate. How is this shown on the graph? 10 25 Physical Capital per Worker (in thousands) esto 7. Using points on the graph, show the result of a significant improvement in technology? Explain. ce 8. Define human capital and identify the relationship between human capital and productivity. ks re i Copyright Jacob Clifford 2020. www.ACDCecon.com Video Help: https://bit.ly/ZNEaCV Annual license required. Do not use unless you have purchased a license ce su nsu