Homework Answers
1) Answer: 1,2 and 3
Economic growth increase the product of goods and services in the economy which will helps the people to buy more goods and services.
When there is an economic growth the economic production possibility also expands which inturn makes the production possibility point to move from inside to on the point in outward direction.
2) Answer: 504798$
Present GDP = pV = 456987
Growth rate = 1% = 0.01 = r
n = 10
Future GDP value = FV = 456987 (1+0.01)10 = 504797.95$
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