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Author Question: Refer to Table 11-3. Use the table above to calculate the annual growth rate in GDP. Also calculate ... (Read 37 times)

bio_gurl

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on: Jun 29, 2018
Refer to Table 11-3. Use the table above to calculate the annual growth rate in GDP. Also calculate the total percentage change in the growth from 2013 through 2016.
 
  Explain the difference between the average annual growth rate in real per capita GDP from 2013 through 2016 and the total percentage change in growth from 2013 and 2016.

Question 2

Should economics be considered a science? Why or why not?
 
  What will be an ideal response?


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emilymalinowski12

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Reply #1 on: Jun 29, 2018
Answer to Question 1

One calculates the average annual percent change in growth from 2013 through 2016 by finding the individual growth rates from year to year and then averaging them. The growth rates are calculated as follows:

2014 growth = (29,000 - 28,

Answer to Question 2

Yes. Economics uses models and theories to make predictions and then tests those predictions using empirical analysis.


bio_gurl

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

mcabuhat

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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