Source: World BankCC BYHDI Data for Selected Countries in 2015Life Expectancy atBirthExpected Years ofSchooling at Birth15.3CountryGross National Incomeper Capita$36,927$52,946$908JapanUnited States83.579.116.561.4NigerBurkina Faso5.458.77.8$1,591India68.0$10,150$85111.7Central African50.77.2RepublicBrazil74.515.2$15,1751. Rostow's five-stage model of economic growth and the core-periphery concept of Wallerstein's three-part world systemtheory are two of the more common economic developmentmodels.A. Using the data above, identify a periphery country anddescribe a characteristic that makes it a periphery country.B. Using the map above, identify a country that is in the pre-condition for take-off phase and describe a characteristic ofthe country.

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HDI Data for Selected Countries in 2015 Life Expectancy at Birth Expected Years of Schooling at Birth Country Gross National Income per Capita $36,927 Japan United States 83.5 15.3 79.1 61.4 $52,946 $908 16.5 Niger Burkina Faso 5.4 $1,591 $10,150 $851 58.7 7.8 India Central African 68.0 11.7 50.7 7.2 Republic Brazil 74.5 15.2 $15,175 1. Rostow's five-stage model of economic growth and the core-

HDI Data for Selected Countries in 2015 Life Expectancy at Birth Expected Years of Schooling at Birth Country Gross National Income per Capita $36,927 Japan United States 83.5 15.3 79.1 61.4 $52,946 $908 16.5 Niger Burkina Faso 5.4 $1,591 $10,150 $851 58.7 7.8 India Central African 68.0 11.7 50.7 7.2 Republic Brazil 74.5 15.2 $15,175 1. Rostow's five-stage model of economic growth and the core-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table presents recent data from the World Bank. Based on the data in the table, which statement is correct? Distribution of Income and Average Income Sri Lanka and Mongolia Sri Lanka Mongolia $3,000 40.6% 8.0% Average household income Percentage of total of income earned by the top quintile of households Percentage of total of income earned by the bottom quintile of households 7.0% $3,000 47.6% Average household income varies more in Mongolia than in Sri Lanka. The rich tend to be richer in Mongolia than in Sri Lanka. Average income in the top quintile is lower in Sri Lanka than in Mongolia. Average income in the bottom quintile is lower in Sri Lanka than in Mongolia.
Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy…
gross private domestic investment $1593 personal taxes 1113 transfer payments 1683 taxes on production & imports 695 corporate income taxes 213 personal consumption expenditures 7304 consumption of fixed capital 1393 US Exports 1059 dividends 434 government purchases 1973 net foreign factor 10 undistributed corporate profit 290 sociual security contributions 748 US imports 1483 statistical discrepency 50 Refer to the accompanying national income data (in billions of dollars) CORPORATE PROFITS are equal to?
Table 1 Federal Government receipts and expenditures and nominal GDP, billions of dollars. 1967 1978 1984 1999 2009 2018 Tax receipts 108 280 410 1175 1124 1956 Other receipts 38 144 302 732 1116 1542 Government purchases and subsidies 92 173 317 501 993 1121 Government transfer payments 52 234 397 986 2141 2846 Interest payments 22 79 194 352 355 541 Net government investment 9 5 25 -3 49 4 Nominal GDP 860 2,352 4,339 9,631 14,449 20,580 Source: Bureau of Economic Analysis Assume the table above represents all federal government revenues and expenditures. I need your help in the following question: -Refer to Table 1. Of the years included, when were tax receipts relative to GDP the greatest? and when were interest payments relative to GDP the greatest?
Consider the table of GDP and population for several imaginary countries. Country GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars Wrigleyville 515.0 207.0 Longhornland 2805 173 Dinkytown 287.00 1.900 Using this information, please answer the questions. If there is not enough information to answer a question, please enter −11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. $.
Is gross domestic product a reliable indicator of a nation's economic wealth? What might be a better indicator?
Following are data relating to a nations operation last year. Capital consumption allowances : $150 million Undisturbed corporation profits : 40 million Personal consumption expenditures 450 million Personal savings : 50 million Corporate inventory valuation adjustment : -5 million Federal government deficit : -30 million Government purchases of goods and services : 10 million State and local governments surplus 1 million Net exports of goods and services :-2 million Gross private domestic investment :200 million. Required: Calculate the nation's (GDP).
Explain 4 limitations that National Income Statistics have in determining a country's economic welfare
1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01
What is the GDP per capita of a country with a population of 50 million and a GDP of $1.5 trillion? A) $30,000 B) $15,000 C) $3,000 D) $1,500
We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries: human capital per worker productivity inflation rates physical capital per worker