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ECON 201 Section 7

Handout 20-1 (5 Points)

Using the Rule of 70

1. Use the Rule of 70 to answer the following questions. How long will it take U.S. real GDP per capita to double if it is currently growing at a rate of 2% per year?

2. If real GDP per capita doubled in 44 years, then what was the annual rate of growth of real GDP per capita? ECON 201 Section 7

Handout 20-2 (5 Points)

New Ways of Doing Business

List five ways firms use technology to increase productivity.

Handout 21-1 (5 Points)

Long-Run Economic Growth and Natural Resources

List four reasons why some countries with limited natural resources, such as Japan and Singapore, have been able to achieve high rates of long-run economic growth.

Handout 22-1 (10 Points)

Some Economic Advice, Please

Develop a list of five economic policies that will increase the rate of long-run economic growth in the following nations:

1. A developed nation, such as the United States

2. A less developed nation, such as Iraq