Why might it be necessary to change the mix of output in order to sustain economic growth?

Question/Problem 1Should our economic “policy” be based exclusively on accepted economic principles and theory? Fully explain your answer.Question/Problem 2When comparing the USA and China: China has (1) as many natural resources as the USA and also has (2) far more labor resources than the USA.So why is output/GDP so much higher in the USA than in China?Question/Problem 3Are income taxes “progressive”? Explain your answer.Question/Problem 4Are sales taxes “progressive”? Explain your answer.Question/Problem 5Why might it be necessary to change the mix of output in order to sustain economic growth?Question/Problem 6Explain how a government failure can produce a macroeconomic “non-optimal output mix”. Include a real-world example in your explanation. Also include a graph of a production possibilities curve to illustrate your answer. (Develop your own graph/curve; do not copy/paste from another source.)Question/Problem 7Explain why the legal system represents a critical “economic” role for the government.Question/Problem 8Why is “Real GDP” considered an important measure of a nation’s economic well-being?Question/Problem 9Refer to Appendix A to Chapter 1. Look at the data in Table A.1; assume this data is reliable. Now look at the graph in Figure A.1. Does this graph prove that additional study will produce higher grades? Explain your answer.Question/Problem 10Review the definition of “opportunity cost” in Chapter 1. Next read the Chapter 1 “Policy Perspectives”. Explain how Health Care Reform illustrates the economic principle: “opportunity cost”.Internet Question.bea.gov/”>www.bea.gov (Links to an external site.)Links to an external site.First review this website and the economic information it offers. The BEA is a primary source for key economic data that is (1) current and (2) statistically reliable.Next I want you to research and analyze current data on macroeconomic output and growth. Under “Economic Accounts – National”, click on “Gross Domestic Product”. From this location click on and review “News Release: Gross Domestic Product”. Refer to the menu on the right side of this webpage and open up the “Full Release and Table”. Now review the summary and the data in the tables. Now answer these five questions:a. What was the Real GDP growth rate for the most recent quarter?b. What economic factors contributed to the changes in GDP growth for the most recent quarter?c. What is the current dollar value for the nation’s GDP (seasonally adjusted) as of the most recent report?d. What was the Real GDP growth rate for the past four quarters? (hint: compute an average for the past four quarters of real GDP data)e. Most economists estimate we will need a 3-4% annual Real GDP growth rate to generate a healthy employment situation. If the growth rate from the past four quarters continues, what does that imply for our future employment situation?

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