Foundations of Economics, 8th Edition

Chapter Checkpoint

Click here to open your MyEconLab Study Plan and work these interactive problems online.

Study Plan Problems and Applications

1. Explain why sustained growth of real GDP per person can transform a poor country into a wealthy one.

2. In 2015, India’s real GDP grew by 7.3 percent a year and its population grew by 1.3 percent a year. If these growth rates are sustained, in what years would

   • Real GDP be twice what it was in 2015?

   • Real GDP per person be twice what it was in 2015?

3. Describe how U.S. potential GDP per person has grown since 1960.

4. Explain the link between labor hours, labor productivity, and real GDP.

5. Explain how saving ...