O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, ratio of GDP per capita between the two countries is unchanged. O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a lin scale graph against time the gap between the two lines must be narrowing. O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log graph against time the gap between the two lines will be constant.

O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, ratio of GDP per capita between the two countries is unchanged. O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a lin scale graph against time the gap between the two lines must be narrowing. O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log graph against time the gap between the two lines will be constant.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that over a 30-year period Buskerville's price level increased from 72 to 142, while its real GDP rose from $1.2 trillion to $2.2 trillion. Instructions: Round your answers to 1 decimal place. Use simple (not compounded) growth calculations for the percentage change. a. Did economic growth occur in Buskerville? (Click to select) V If so, by what average yearly rate in percentage terms? percent b. Did Buskerville experience inflation? (Click to select) V If so, by what average yearly rate in percentage terms? percent c. Which shifted rightward faster in Buskerville: its long-run aggregate supply curve (ASLR) or its aggregate demand curve (AD)? |(Click to select) V
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
a) the profit maximizing decisions of an individual manufacturer. b) economic growth. c) the rate of inflation. d) the rate of unemployment. Question 2. When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being: a) low inflation b) balanced budget c) prudent monetary policy d) assuring competition between firms Question 3. If macroeconomics looks at the economy as a whole, it focuses on which of the following? a) the division of labor b) households c) business firms d) unemployed people Question 4. In the ______________, households receive goods and services and pay firms for them. a) goods and services market b) labor market c) financial capital market d) savings market Question 5. Which of the following is included in the calculated Gross Domestic Product? a) Farmer Freddie sells his second tractor to his son. b) Suzanne buys a love seat and chair for $85 at the yard sale on the corner. c) A local ice cream store sells…
. 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?
. Consider the following data for an economy. Year 1 2 Real GDP $56,000 $78,500 Population 200 263 a. Calculate the real GDP growth rate. b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double? Calculate the standard of living in each of the years. C. d. e. Using the values determined in part c, calculate the standard of living growth rate. Without using the rule of 70, how many years will it take for the standard of living to triple?
2. Here, again, are the GDP per capita numbers for a number of countries shown in class. But rather than focus on welfare now, let us consider the effects of differences in growth rates on how the GDP ranking between countries evolves over time. GDP and Welfare across Countries, 2007 Per capita GDP 100.0 Country United States France United Kingdom Germany Italy Japan Hong Kong Singapore. South Korea Mexico Russia Brazil Chinal Indonesia. India Botswana South Africa Malawi 74.2 81.7 78.0 69.8 75.2 84.0 112.6 57.0 28.4 33.1 17.8 12.6 7.8 6.8 23.4 17.0 1.2 Welfare Life expectancy 100.0 110.5 104.6 98.3 92.9 86.3 63.9 524 41.0 17.7 16.8 12.0 5.0 4.5 3.2 2.4 2.4 0.3 1.000 77.8 1.187 80.8 1.098 2 79.4 1.103 79.5 1.213 81.3 1.291 82.5 1.272 82.4 1.148 80.4 1.082 79.3 0.913 76.0 0.561 67.5 0.753 72.1 0.797 72.6 0.624 67.7 0.520 64.1 0.215 52.1 0.194 51.0 0.295 50.9 Decomposition C/Y Leisure Inequality 1.000 1.000 1.000 0.814 0.801 0.651 0.953 1.175 1.121 0.776 0.859 1.022 1.067 0.832 0.822…
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $12 per hour worked Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? b. If work hours increase to 320 in year 2 and productivity rises to $14 per hour, what is New Zomble's rate of economic growth? percent Check my work
4
2.
Last year real GDP per person in the imaginary nation of Olympus was $4,260. The year before it was $4,100. By about what percentage did real GDP per person grow during the period? a. 1 percent b. 0.04 percent c. 16 percent d. 4 percent