Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 1, Problem 3E
(a)
To determine
Determine the ratio of per capital income.
(b)
To determine
Explain which country has the faster average growth rate of per capita
(c)
To determine
Rank the countries in order of population.
(d)
To determine
Which is a large share of GDP in rich and poor countries.
(e)
To determine
Explain the exchange rate for several countries.
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Refer to the table below:
Year
1950
1960
1970
1980
1990
2000
2010
2020
Participation Rates
(Age 16 and Older)
Men
86.4
83.3
79.7
77.4
76.4
74.7
71.2
69.2
Women
33.9
37.7
43.3
51.5
57.5
60.0
58.6
57.4
(1) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 is
Country
Year
GDP (billions in U.S. $)
Population (millions)
Estonido
2017
525.50
73
Galicia
1,658.00
118.25
Estonido
2018
721.75
78
Galicia
1,724.30
121.8
(a) $925 for Estonido and $1,412 for Galicia in 2017.
(b) $9,253 for Estonido and $14,157 for Galicia in 2017.
(c) $7,199 for Estonido and $14,021 for Galicia in 2017.
(2) When calculating GDP as the sum total of all spending, which of the following should be included?
(a) government purchases of labor, goods, and services.
(b) government transfer payments.
(c) savings.
(3) For productivity to increase
(a) the total number of hours worked has to increase.
(b) the value of the production per hour worked has to increase.
(c) the total production or output has to increase.
Interpret the table for each year.
Chapter 1 Solutions
Macroeconomics (Fourth Edition)
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