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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Calculate the growth rate of real GDP, population, and real per capita GDP from year 2 to year 4.

A: We have data for Real GDP and Population from year 1 to year 5.

Q: Calculate the growth rate in the number of hours worked per capita, total output, and output per…

A: The growth rate in the number of hours worked per capita refers to the increment in the hours worked…

Q: Examine the relationship between the two countries base on the graph and table provided. And list…

A: We summarized that from the above data , GDP of Norway increases in a consistent way, yet it…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question.…

Q: How do I calculate average percent growth of Real Per Capita GDP using FRED database for years…

A: The growth rate refers to the rate at which a variable changes in percentage terms from period to…

Q: In 1950, the real per capita GDP (in USD) in Mauritius is 4,382, and in 2017 the figure is 20,631.…

A: "GDP (gross domestic product) measures the value of all finished goods and services produced within…

Q: Which of the following is the most likely to happen during a period of economic growth?…

A: The objective of the question is to identify the most probable scenario during a period of economic…

Q: if real GDP increases from $100 bilion to $105 billion, and the population increases from 100…

A: HERE WE CALCULATE THE GROWTH RATE OF REAL GDP BY USING THE GIVEN INFORMATION WHICH ARE AS FOLLOW-

Q: Consider two countries with comparable natural resources which devoted exactly the same shares of…

A: The following problem, in relation to economic growth has been answered as follows:

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: It is the total value of goods and services that are produced in a country during a given period of…

Q: Explain how the saving rate and the rate of population growth affect the steady-state level of…

A: Steady State Growth: A steady-state growth rate refers to an economy that grows at a constant rate.…

Q: Which of the following is the most likely to happen during a period of economic growth?…

A: The objective of the question is to identify the most likely scenario during a period of economic…

Q: If the current real GDP growth rate and population growth rate are maintained, real GDP per person…

A: Rise in the production of goods and services on the sustainable basis is known as economic growth.…

Q: Suppose that our potato economy decided to reduce consumption and increase investment. How would…

A: As per the economy it decides to reduce consumption and increase investment.

Q: 1. What is the metric we use to measure economic growth? China? 2. From 1990-2009, what was the…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: An economy starts off with a GDP per capita of $ 13,500. In 10 years, GDP per capita is $19,400.…

A: Gross domestic product is the final combination of goods and services in a country. GDP is an…

Q: 2015 US Dollar GDP per capita (constant 2015 USD) 1960 1970 1980 2000 1990 Time(Year) Australia…

A: GDP per capita is a per capita income which is the ratio of country's gross domestic income and…

Q: a. Democratic Republic of Congo: population growth = 2.7 percent; real output growth = - 1.5…

A: To calculate the real growth per capita, we need to use the formula:Real growth per capita = Real…

Q: Based on article "Technology and economic growth: From Robert Solow to Paul Romer" by Rui Zhao,…

A: A steady-state level in the Solow growth model is an equilibrium point where different economic…

Q: Why is real GDP a better measure of economic growth than nominal GDP?

A: Nominal GDP refers to the total value of finished goods and services that produced within the…

Q: What can we conclude from the above Figure? Because of the diminishing returns to capital…

A: A summation of countries'final goods and services is known as Gross domestic product. It measures…

Q: Which of the following is the most likely to happen during a period of economic growth?…

A: The objective of the question is to identify the most likely scenario during a period of economic…

Q: The economy's real GDP was $140 billion in 2019 and $280 billion in 2020. Its population was 15…

A: Given information: Real GDP in 2019: $140 billion Real GDP in 2020: $280 billion Population in…

Q: Although economic growth is typically measured by calculating the rate of change in real GDP, there…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: sources of productivity growth in an economy

A: Productivity growth is very important for any economy. Productivity can be defined as the value of…

Q: In the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 %…

A: Gross Domestic Products defined as the total of market values of al final goods and service. GDP…

Q: Calculate real growth per capita in the following countries: Instructions: Enter your responses…

A: To calculate the real growth per capita, we need to use the formula:Real growth per capita = Real…

Q: Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively…

A: a. Compound growth refers to the process where the value of an investment or economy increases at an…

Q: What are the differences between economic growth and economic development? List 1 measurement for…

A: There are many components related to the economy and macroeconomic policies along with the whole…

Q: In 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in…

A: GDP is the indicator utilized across the globe to demonstrate the wellbeing of a country's economy:…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: The pace of an economy's long-term growth or contraction is referred to by this idea. The change in…

Q: Why is Real GDP a better indicator of productive growth than Nominal GDP ?

A: Gross Domestic Product (GDP) measures the value of final goods and services produced with in the…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: The pace of an economy's long-term growth or contraction is referred to by this idea. The change in…

Question

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
O A. GDP; the population
O B. the population; real GDP
O C. real GDP; the population
O D. inflation; real GDP
Click to select your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Suppose that our potato economy decided to reduce consumption and increase investment. How would this change affect economic growth? Illustrate your answer with a graph. What if we expanded beyond the potatoes to the US economy. How would this change affect different groups in society and who would benefit from this change? What groups might be hurt?
Small differences in the rate of economic growth can lead to large differences in living standards. Consider two countries: Fritolaysia and Khandibar. Currently, real GDP per person (average income) is $60,000 in Fritolaysia and $20,000 in Khandibar. Suppose you want to project what the real GDP per person will be in each country 100 years from now. The following formula shows how to compute the average income in n years, where g represents the growth rate of real GDP per person (in decimal form-that is, 1.5% is entered as 0.015): Average Income in n Years Current Average Income x (1 + g)" Use the growth formula to find the correct amounts to select to fill in the following table. Growth Rate Average Income after 100 Years (Percent) (Dollars) 1.5 1.7 4 4.2 1 1.5% 1.7% Suppose Fritolaysia is expected to grow at 1.7% for the next 100 years. Which of the following growth rates in Khandibar would cause the average income in Khandibar to exceed the average income in Fritolaysia in 100…
What are the two major determinants of the overall growth of the economy according to the view of economic growth based on labor data?
Explain how we measure the growth rate of an economy
The economy's real GDP was $160 billion in 2019 and $280 billion in 2020. Its population was 15 million in 2019 and 20 million in 2020. What is the growth rate of real GDP per capital from 2019 to 2020?
What is the difference between extensive and intensive growth? Why was the Soviet Union successful in terms of extensive growth under Stalin, but failed to succeed in terms of intensive growth during the reform periods under Khrushchev and Gorbachev?
The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of people) 224 228 237 Year 1 2 Real GDP (millions of dollars) $5,847 6,666 7,541 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % % Real GDP per Capita (dollars) $26,103 29,237 31,819 % % Population: Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. %
11. In 2022 a country has the following data: GDP TFP Capital Labor Y A K L 400 1,100 20 The production function is Y = A¿KQ4 LQ.6 and the capital stock evolves according to Kt+1 growth rate of labor is 0.6% and TFP growth is 2%. Assume that population is equal to labor. Use the Solow model to calculate per-capita GDP in 2024 (two years later). (1 – d)Kt + It. The saving rate 22%, the depreciation rate is 10%, the (а) 498.32 (b) 504.42 (c) 516.96 (Right answer) (d) 548.87
What will happen to the annual rate of growth of per capita real Gross Domestic Product (GDP) if the annual rate of population growth increases and the annual rate of growth of real GDP goes down?
please help with question 19
A country has the following data on the average growth rates of its real GDP, population and capital accumulation over several decade: Real GDP growth rate=4.5%; Population growth rate=2%; Capital stock growth rate=4%. If the labor share to output=0.75 and capital share=0.25, how much is the contribution of improvement in total factor productivity (A) in the growth of real GDP?
What information does this fact give us about the growth rates of other variables?