Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN: 9781285165912
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 10, Problem 9PA
To determine
The difference in GDP of India and US.
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Is GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a country's well-being? How should a country’s well-being be measured?
Consider the table of GDP and population for several imaginary countries.
GDP in millions of U.S. dollars
533.0
2275
Country
Wrigleyville
Longhornland
Dinkytown
$ 18.8
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.
Population in millions GDP per capita in U.S. dollars
113.0
121
173.00
276800
1.600
B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.
Incorrect
How useful is GDP as a measure for countries' well-being and why? What other
measures could be included in comparing well-being across countries? If you were to
design an index to measure well-being in a country, what factors would you include
in the index?
Chapter 10 Solutions
Principles of Macroeconomics (MindTap Course List)
Ch. 10.1 - Prob. 1QQCh. 10.2 - Prob. 2QQCh. 10.3 - Prob. 3QQCh. 10.4 - Prob. 4QQCh. 10.5 - Prob. 5QQCh. 10 - Prob. 1QCMCCh. 10 - Prob. 1QRCh. 10 - Prob. 2QRCh. 10 - Prob. 3QRCh. 10 - Prob. 4QR
Ch. 10 - Prob. 5QRCh. 10 - Prob. 6QRCh. 10 - Prob. 7QRCh. 10 - Prob. 8QRCh. 10 - Prob. 2QCMCCh. 10 - Prob. 3QCMCCh. 10 - Prob. 4QCMCCh. 10 - Prob. 5QCMCCh. 10 - Prob. 6QCMCCh. 10 - Prob. 1PACh. 10 - Prob. 2PACh. 10 - Prob. 3PACh. 10 - Prob. 4PACh. 10 - Prob. 5PACh. 10 - Prob. 6PACh. 10 - Prob. 8PACh. 10 - Prob. 9PACh. 10 - Prob. 10PACh. 10 - Prob. 11PA
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- U.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?arrow_forwardWhat is the difference between GDP and Gross National Product (GNP)? Why do economists look at per capita measures of GDP and GNP when making comparisons between nations?arrow_forwardthe measurement method of per capita income in Turkey has been changed in 2016.What is wrong with it?What’d happen to GDP per capita if Turkey has not made this revision?Do the other countries also apply such revisions?arrow_forward
- Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?arrow_forwardWhy isn't GDP a good measure for economic well beingarrow_forwardConfused on how to answerarrow_forward
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- 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. $.arrow_forwardWhat is GDP (50 words only)arrow_forwardWhat items are not included in the calculation of GDP in the economy of the country.arrow_forward
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