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- What is the current real GDP per person in South Africa? How has this changed over the past 10 years?8. When countries experience a rise in income over time which of the following sectoral changes is most likely to occur? A. The car manufacturing sector's output as a % of GDP will decrease B. The tourism sector's output as a % of GDP will increase C. The consumer electronics sector's output as a % of GDP will decrease D. The agricultural sector's output as a % of GDP will increase 7. The demand for coffee from a local coffee shop has an income elasticity of +0.6. After an 8% rise in average incomes the demand for the coffee sold by the coffee shop is expected to: A. Increase by 4.8% Decrease by 4.8% B. C. Increases by 13.3% D. Decrease by 13.3% 8. The diagram shows the market for second-hand cars in a recession when real incomes are falling. From the information in the diagram the most likely conclusion that can be made is: A. The price of new cars has fallen B. The price of second-hand cars has fallen C. The YED of second-hand cars is negative D. Second-hand cars are normal goods 9.…4. U.S. real GDP is significantly higher than it was 60 years ago . What does this imply ( if anything ) about the happiness and well - being of each person in the United States?
- 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capitaof $75,000. Which of the following is NOT a plausible reason for Country B’s higherGDP-per-capita?(A) Country B has more open and inclusive economic and political institutions.(B) Country B has more natural resource wealth.(C) Country B has lower productivity.(D) Country B has more capital.5. The real GDP per person in Brazil was $828 in 1900 and $15,590 in 2014. What was the average annual growth in real GDP per person? Use logs. Show your work.a) Prepare a table and line graph showing the unemployment and economic growth rate for a Caribbean country and a developed country (other than the US) for the last 5 years. Examine the relationship observed between the two countries. b) Identify THREE public policies that can stimulate employment and facilitate economic growth in an economy. Use examples to clearly illustrate how EACH policy can stimulate employment and facilitate economic growth in your country.
- 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is…During an economic expansion, real GDP ____ and unemployment ____.(a)increases, increases(b)increases, decreases(c)decreases, increases(d)decreases, decreasesHow is economic growth measured? Question 1Answer a. The percentage change in the employment rate b. The percentage change in income taxes collected by the government c. The percentage change in real GDP d. The percentage change in the unemployment rate
- Why do you think most western countries GDP has not grown as fast as China's GDP over the last 10 years? If you were in charge of trying to make a country like Spain's economy grow faster what would you do?Human capital is defined as: a. The skills and education that make workers more productive b. The knowledge of the best and most efficient ways to produce goods and services c. The total number of workers available in the economy d. The total amount of financial investment in an economyA country's rate of economic growth is important because. A) an economy that grows too slowly is always involved in human rights violations. B) a slowly growing economy always invades its neighboring countries in search of wealth. C) a slowly growing economy experiences very slow growth in population. D) an economy that grows too slowly fails to raise living standards of its citizens.