Between 1916 and 2016, the average growth rate of real GDP per person in the United States was 2 percent a year. What information does this fact give us about the growth rates of other variables? During this period, grew at a faster rate than

Between 1916 and 2016, the average growth rate of real GDP per person in the United States was 2 percent a year. What information does this fact give us about the growth rates of other variables? During this period, grew at a faster rate than

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

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Similar questions

An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
When economists speak of "long-run economic growth, they mean increasing the Select one: O a. real GDP of a country. O O O b. geographic size of a country. c. per capita real GDP of a country. d. population of a country. According to the instructors calculations, the average person in the United States spends Select one: O O O O a. approximately 5 and ½ hours b. about 3 and ½ hours c about 8 hours d. 45 minutes On a graph with savings on the x-axis and real interest rates on the y-axis, the supply of savings curve following the law of supply would: Select one: O O O O a. be horizontal a day in activities needed to continue living (what he described as not dying b. have a negative slope c. be vertical d. have a positive slope
1. At an annual growth rate of 1.75% it will take If GDP starts at a value of $100 million, then in 200 years we would expect the value of GDP years for a country's GDP to double. to be times larger. 2. If nominal GDP is growing at 5% per year, the inflation rate is 2% per year, and population growth is-190 per year then real GDP per capita is growing at percent per year. 3. A country aims to double real GDP per capita in the next 25 years. This means that on average real GDP per capita must grow at per year. 4. A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1% per year then this means that real GDP must grow at per year.
Over the past 100 years, in the United States the average growth rate cof grew at a faster rate than Select one: a. real GDP; the population O b. inflation; real GDP O c the population: real GDP C. O d. real GDP; nominal GDP
If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the grwoth rate of real GDP per person? The growth rate of real GDP person person is ____ percent.
India's Economy Hits the Wall Just six months ago, India was looking good. Annual growth was 9%, consumer demand was huge, and foreign investment was growing. But now most economic forecasts expect growth to slow to 7%-a big drop for a country that needs to accelerate growth. India needs urgently to upgrade its infrastructure and education and healthcare facilities. Agriculture is unproductive and needs better technology. The legal system needs to be strengthened with more judges and courtrooms. Source: BusinessWeek, July 1, 2008 Explain potential sources for faster economic growth in India suggested in this news clip. Potential sources for faster economic growth in India include O A. increasing consumer demand because it increases real GDP O B. slowing the population growth rate because a slower population growth rate means that fewer consumption goods can be produced and more capital goods can be produced OC. announcing high economic growth forecasts because firms will produce the…
O Macmillan Learning Year 1 Year 2 Use the table to answer the questions. Define productivity as GDP per worker, and please enter all answers as numerical values rounded to 3 decimal places, and not as percentages (e.g., 0.103 instead of 10.3%). GDP 1013 1245 What is the GDP growth rate? Population 165 297 What is GDP per capita growth rate? Lx Give Up? Workers 133 235 Hint What is the productivity growth rate of the country as a whole? (Note: The productivity = GDP / # workers) Check Attem
If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percent