The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels. Concept Introduction: Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

ESSENTIALS OF ECONOMICS, Chapter 15, Problem 1P , additional homework tip 1

ESSENTIALS OF ECONOMICS, Chapter 15, Problem 1P , additional homework tip 2

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. Domestic Supply and Demand for Baseball Caps Price (€ per cap) 10 9 8 7 6 5 4 3 2 1 0 Spain Dd 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €2 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand b. What quantity of baseball caps will be imported? thousand Now suppose a tariff of €1 is levied against each imported baseball cap. c. After the tariff is implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand d. After the tariff is implemented, what quantity of baseball caps will be imported? thousand

May I please have the solutions for the following assignment? as 2025

Response to J.C. Ethics Statement Raising our products' global profile requires a firm commitment to doing the right thing by society and the environment. By switching to a more energy-efficient cloud architecture, BillRight Software, Inc. will reduce its carbon footprint while also ensuring the absolute security of all customer data. Fair labor standards, a diverse and inclusive workforce, and giving back to the communities where our employees live and work are some of our core values. Following local regulations, accepting cultural variances, and actively participating in community development projects are all ways our brand and product will uphold our ethical values globally (Corcoran, 2024; Kotler et al., 2023; Kotler & Keller, 2024; Solomon & Russell, 2024). How MKTG 525 Gets You Together with Classmates? Different points of view in dealing with classmates from many backgrounds exposes you to many points of view, ideas, and techniques. This variety enriches the learning…

Answer 2

Question

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Answer 6

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..

The growth path of Argentina was less consistent compared to Ghana therefore, it can be said that Argentina has moderate standard of living.

The Real GDP of the U.S in 2011 has increased to 278%, so the U.S also has moderate standard of living.

Conclusion:

Thus, the highest rise in standard of living is in South Korea.

Answer 7

Chapter 15, Problem 1P

To determine

To determine: The given years’ real GDP per capita as a percentage of its 1960 and 2011 levels.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and the services produced by resident and non-resident people of a country that is within the borders of that particular country in an accounting year.

Answer 8

Expert Solution & Answer

Explanation of Solution

a. Calculation of real GDP.

Formula to calculate real GDP per capita:

GDP per capita of Argentina:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	6,585	100	48
1970	8,147	124	59
1980	8,938	136	64
1990	6,889	105	50
2000	9,208	140	66
2011	13,882	211	100

GDP per capita of Ghana:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,557	100	66
1970	1,674	107	71
1980	1,418	91	60
1990	1,296	83	55
2000	1,530	98	65
2011	2,349	150	100

GDP per capita of South Korea:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	1,610	100	5
1970	2,607	162	8
1980	5,161	320	17
1990	11,376	706	38
2000	20,016	1243	67
2011	2,349	1840	100

GDP per capita of United States:

Year	Real GDP per Capita($)	Percentage of 1960 real GDP per Capita(%)	Percentage of 2011 real GDP per Capita(%)
1960	15,136	100	66
1970	20,115	133	48
1980	25,221	166	60
1990	31,431	207	74
2000	39,498	260	93
2011	42,244	278	100

Conclusion:

Thus, real GDP is calculated for every country.

b. Comparison of living standard.

According to the data calculated in part a. it can be said that the highest rise in standard of living from 1960 to 2011 is of South Korea as its real GDP is 1840% in 2011..