1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)
1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five
years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)
2. Chile has a population of 19.5 million and a GDP of $253 billion. Denmark has a population of 6.25 million and a
GDP of $327 billion. Which country has a higher standard of living, and why? How did you determine who has the
better living standard? (Reference any academic and non-academic articles used to make this determination.)
3. Movement between which points in the following diagram would reflect only a technology change? Movement
between which points in the following diagram would reflect only an increase in the available capital per worker? if a
country is already fairly wealthy, what should it concentrate more on: increasing capital per worker or encouraging
positive technological change? Why? (Explain each answer, do not just list letters.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F417208fd-b133-446a-9887-9bbc634a7a56%2F1e6d1f20-163d-44c2-9112-1402a57ba8f1%2Fsogv6f7_processed.png&w=3840&q=75)
Transcribed Image Text:1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five
years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)
2. Chile has a population of 19.5 million and a GDP of $253 billion. Denmark has a population of 6.25 million and a
GDP of $327 billion. Which country has a higher standard of living, and why? How did you determine who has the
better living standard? (Reference any academic and non-academic articles used to make this determination.)
3. Movement between which points in the following diagram would reflect only a technology change? Movement
between which points in the following diagram would reflect only an increase in the available capital per worker? if a
country is already fairly wealthy, what should it concentrate more on: increasing capital per worker or encouraging
positive technological change? Why? (Explain each answer, do not just list letters.)
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