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 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