Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 16, Problem 12CQ
To determine
Explain how the diversity of goods influences the consumer welfare.
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What is the current real GDP per person in South Africa? How has this changed over the past 10 years?
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.
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Economics: Private and Public Choice
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- 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_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_forwardWhat are the problems of the economic growth and consumption?arrow_forward
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