For the Module Assignment, please answer the following questions:
1. Explain with your own words the definition of Gross Domestic Product.
2. How does the growth rate of real GDP contribute to an improved standard of living?
3. Use the following data to answer the question. The table lists some macroeconomic data for the United States in 2008.
Item Billions of dollars
Wages paid to labor 8,000
Consumption expenditure 10,000
Net operating surplus 3,200
Government expenditure 2,800
Net exports –700
3a) Calculate U.S. GDP in 2008.
4. What is the key idea of classical growth theory.
5. Describe the 3 main theories of economic growth.
6. Explain the policies for achieving faster growth.
7. China’s trend growth rate of real GDP per person was 2.2 percent a year before 1980 and 8.7 percent a year after 1980. In the year to August 2009, China’s output increased by 11.3 percent. (Source : World Economic Otulook and FT.com, septembre 14,2009). Answer the following questions according to this information:
7a) Distinguis between a rise in China’s economic growth rate and a temporary cyclical expansion.
7b) How long, at the current growth rate, will it take for China to double its real GDP per person?.
7c) What happen to the real GDP per person in 2020?
You must submit your assignment in a Word document and follow APA formatting guidelines. Your submission should be a minimum of 750 word count.