Refer to the figure below and assume that the values for points a, b, and c (the combined value of consumer goods and capital goods) are $20 billion, $40 billion, and $36 billon, respectively The Macroeconomy Conmer goods Consumer goods Instructions: Enter your answers as a whole number. a. If the economy moves from point a to point bover a 10-year period, what must have been its annual rate of economic growth? 7 percent b. It, instead, the economy was at point cat the end of the 10-year period, by what percentage did it fall short of its production capacity? percent

Refer to the figure below and assume that the values for points a, b, and c (the combined value of consumer goods and capital goods) are $20 billion, $40 billion, and $36 billon, respectively The Macroeconomy Conmer goods Consumer goods Instructions: Enter your answers as a whole number. a. If the economy moves from point a to point bover a 10-year period, what must have been its annual rate of economic growth? 7 percent b. It, instead, the economy was at point cat the end of the 10-year period, by what percentage did it fall short of its production capacity? percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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