120100FNORARESGPCHEHKGSWETWNNa.AVEN406080100120Relatiwe GDP per enpita to the US lewel - 1970In the figure above, GDP per capita relative to the US level for a large group of countries is plotted for years 1970 (in thehorizontal axis) and 2000 (in the vertical axis). Which one of the following statements is correct?O Income per capita of countries on the 45 degree line has grown at a similar rate than income per capita of the US ineach year.O Income per capita of each country is plotted according to how strongly it correlates to the income per capita of theUS in each year.O The income per capita of those countries below the 45 degree line has grown the fastest in between years 1970 and20O The income per capita of those countries on the 45 degree line has not grown in between years 1970 and 2000.

GDP: GDP or gross domestic product is the final value of all the goods and services that are…

Answered: 100 120 Relar CDP per ega te the S l -…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please no written by hand The standard of living (per capita Real GDP) in the U.S.: a. increased in every decade from 1930 to 2010 except the 1930s and 1970s b. almost doubled between 1930 and 2010 c. Both of the above d. Neither of the above The standard of living (per capita Real GDP) in the U.S.: a. increased in every decade from 1930 to 2010 except the 1930s and 1970s b. almost doubled between 1930 and 2010 c. Both of the above d. Neither of the above
Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. How large is its population? If its population grows by 2 percent in some year while its total income grows by 3 percent, what will be its new income per capita rounded to full dollars? If the population had not grown during the year, what would have been its income per capita?
3 tries left Suppose instead that China's real GDP growth turns out to be 6.9 percent per year for the next decade. By how much will China's real GDP increase then during the entire decade? China's real GDP will increase by Type percent during the entire decade. (Round your response to one decimal place.) Submit
Exercise 2: Growth and developmentCountries 1 and 2 have the production function: Yt = AiKαt L1−αt , where country 1 hasTotal Factor Productivity (TFP) of A1 = 25, country 2 has TFP A2 = 100, and α = 0.35for both. In the two countries population is constant and there is no technological progress.Every year capital depreciates by 6% in both countries. Country 1 saves 40% of output, andcountry 2 saves 20%.a) Write down the function of production per unit of labor. Suppose the two countriesstart with an initial capital stock (per unit of labor) of 500, what are the initial income andconsumption per unit of labor in both countries?b) Determine their steady state levels of capital, income and consumption per unit oflabor.c) Determine the difference in their steady state level of income per unit of labor, andhow much of that difference is due to differences in TFP and how much is due to differencesin capital per unit of labor.d) Suppose now that country 2 suddenly has access to the country 1…
What is the largest contributing factor to human population growth during the 20th and 21st century? a decrease in birth rates an increase in death rates O a decrease in death rates O an increase in birth rates
Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above
Using the economic data below, Which statement is true? Year GDP in Billions GDP Growth Rate Unemployment 5,839 2 5,987 2.5 3. 5,870 -2 6,136 4.3 Year 2 would be described as a Contraction & a Trough O Year 2 would be described as an Expansion only O Year 2 would be described as an Expansion & a Peak Year 2 would be described as a Contraction only
5
15. Suppese that in 1960 Japan had an initial per capita GDP of $12.000 per year and China had a per capita GOP of 55.000. But China is grewing at 5 percent per year and iapan is growing at 3 percent per year. ia richer in 2010 with a per capita GDP of eporoni mately a lapan $5.000 a. China: $73,500 a. lapen: $31,500 . Not enough information is given. e China $5,000
This question considers GDP in a country in a single year. Which of the following statements are correct? Select one or more: a. GDP can be measured by adding up the value of all production by all industries. b. GDP can be measured by adding up all factor incomes paid in an economy c. GDP can be measured by summing the total value added by all industries. O d. GDP in expenditure terms can be measured as the sum of C+l+G+X
A country faces diminishing marginal returns when increasing it's capital stock. If this country added 100 units of capital last year and saw their GDP rise by $1,000 per person, what would you expect to happen if they had added 200 units of capital instead? O It is impossible to tell what would happen GDP would increase by less than another $1,000 per person GDP would increase by another $1,000 per person GDP would increase by more than another $1,000 per person
. For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?

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