Comparing per capita real economic growth and absolute real economic growth.

Question

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Answer 1

Question

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

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Answer

M” method Given the following model, solve by the method of “M”. (see image)

As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

Question

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

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Answer 3

Question

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

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Answer 4

Question

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

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

Answer 5

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

Answer 6

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

Answer 7

Chapter 17, Problem 1QP

To determine

Comparing per capita real economic growth and absolute real economic growth.

Answer 8

Expert Solution & Answer

Explanation of Solution

The per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population. Growth of an economy measures the changes in GDP from one year to another year in per capita GDP and measure standard of living of the people. The absolute real economic growth measures the percentage change in real GDP from one year to another. However, improvement in standard of living cannot be measured properly. It is because absolute real per capita measures the value of output without considering the population.

Thus, the per capita real economic growth is more efficient measure than absolute real economic growth in terms of measuring the standard of living.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Per capita real economic growth: Per capita real economic growth is accounted by dividing the real gross domestic product (GDP) with total population.

Absolute real per capita: Absolute real per capita is a macroeconomic measure of the value of economic output adjusted for price changes.

Answer 12

Ch. 17.2 - Prob. 1ST Ch. 17.2 - Prob. 2ST Ch. 17.2 - Prob. 3ST Ch. 17.2 - Prob. 4ST Ch. 17 - Prob. 1QP Ch. 17 - Prob. 2QP Ch. 17 - Prob. 3QP Ch. 17 - Prob. 4QP Ch. 17 - Prob. 5QP Ch. 17 - Prob. 6QP

Comparing per capita real economic growth and absolute real economic growth.

Comparing per capita real economic growth and absolute real economic growth.

Explanation of Solution

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Chapter 17 Solutions