1. Identify the variables that might be responsible for the growth of the US GDP 2. Sketch a causal loop diagram to capture the behavior you identify 3. Identify potential negative feedback that might halt growth in the system
1. Identify the variables that might be responsible for the growth of the US GDP 2. Sketch a causal loop diagram to capture the behavior you identify 3. Identify potential negative feedback that might halt growth in the system
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Problem 1: US Real GDP
The reference mode of the US GDP is shown in Figure 1
US Real GDP
8000
AveragerowtRata.45%lyear
DoublingTime-20years
4000
1850
1900
1950
2000
Figure 1: US GDP - (Sterman, 2001)
1. Identify the variables that might be responsible for the growth of the US GDP
2. Sketch a causal loop diagram to capture the behavior you identify
3. Identify potential negative feedback that might halt growth in the system
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