Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 16, Problem 12CQ
To determine
Explain how the diversity of goods influences the consumer welfare.
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There are two countries in the world: Happytimes and Treehausland. Both countries currently have a GDP per capita of 1. Use the information in the table about growth and productivity to answer the questions. Round all numerical answers to two decimal places.
Country
Growth rate of GDP per capita
Happytimes
0.086
Treehausland
0.031
What is GDP per capita in Happytimes in 21 years21 years ?
Happytimes's GDP: $
What is GDP per capita in Treehausland in 21 years21 years ?
Treehausland's GDP: $
In 21 years21 years , Happytimes grows how many times more than Treehausland?
Happytimes's growth:
times Treehausland's growth
What are the current growth rates, population size and patterns of the United States, China, and Brazil. What are the discussions on events or policies that may have affected that countries population size/growth rate. Be sure to include reputable sources, such as the United Nations or your selected country's government websites. government's response to population changes (laws, policies, social changes, etc.) Give the current population size of the world and the current projection of the population size as the 21st century progressed.
What is the Demand growth rate?
Chapter 16 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Population growth prior to the 1900s was limited by what? What is the world’s population today and how much does it grow each year? The result of rapid population growth is? Describe human population from early times to the present. Why has there been a decline in population in past decades?arrow_forwardSuppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP? Per capita GDP? How will it affect economic welfare?arrow_forwardBotswana’s population grew by 3.5 percent per year, 1970–80, and by 3.4 percent, 1980–93, while total GDP grew by 14.5 percent per year, 1970–80, and by 9.6 percent per annum, 1980–93. What was happening to Botswana’s GDP per person over each period?arrow_forward
- In what role do you think does savings and investments play in the economy? Explain your answer. In what way does saving and investment affect economic growth and development? Give an example and justify your answer.arrow_forwardGo to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.arrow_forwardThe table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of Real GDP per Capita (dollars) Real GDP (millions of dollars) $5,595 6,329 7,245 Year people) $25,903 216 220 28,768 227 31,916 Instructions: Round your answers to 1 decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: Population: Standard of living: 1% c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. e to searcharrow_forward
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- The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of people) 224 228 237 Year 1 2 Real GDP (millions of dollars) $5,847 6,666 7,541 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % % Real GDP per Capita (dollars) $26,103 29,237 31,819 % % Population: Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. %arrow_forwardQuestion 5 Sort the items below according to whether they promote economic growth, inhibit economic growth, or have no effect on economic growth A. The use of competitive markets to allocate goods and services A. Promote economic growth A. The creation of a price floor on sugar B. inhibit economic growth A. Laws preventing industrial espionage C. No effect on economic growth Clear laws regarding the transfer of property A corrupt government The development of regulations that make creating a small business difficult A. B. B. B. A nation's central bank declares it will print money to pay for government expenditures. A Moving to another question will save this response. O D 2: hp 51°Farrow_forward2. You are a manager at a large shampoo company and on the search for future markets. You identified two low income countries that look very dynamic: Country A has a GDP/capita growth rate of -1% and population growth rate of 9%. Country B has a GDP/capita growth rate of 7% and constant population. (a) Discuss which country you should focus on for your expansion. (b) Discuss if your answer would change if the products you are trying to sell are cars.arrow_forward
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