Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 8CQ
To determine
Explain the influence of high-income countries on the less-developed countries.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
What factors are generally considered responsible for GDP growth in developed countries? Have the factors responsible for growth been the same in all developed countries?
Would you expect the relative returns to primary education, on the one hand, and secondary and postsecondary education, on the other hand, to change as economic development takes place?
What does productivity growth has to do with economics?
Knowledge Booster
Similar questions
- Why will the U.S. population grow faster than othermore developed countries?arrow_forwardA service-based economy is less likely to be a source of prosperity than a goods-based economy. true or false?arrow_forwardPopulation 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_forward
- Go 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_forwardyou are appointed by a congressional task force to recommend at least two economic policies that will result in long-term growth. What do you recommend, and why?arrow_forwardEconomic theory suggests that we can increase productivity byarrow_forward
- Which is NOT causing the growth of slums, according to Mike Davis? Group of answer choices Lack of economic development in cities IMF structural adjustment programs Rising crime and drug abuse Growth of large-scale industrial agriculturearrow_forwardThe Importance of Productivity Two well-known economists, William Baumol and Alan Blinder, have stated that, in the long run, “nothing contributes more to reduction of poverty, to increases in leisure, and to the country’s ability to finance education, public health, environmental improvement and the arts” (1991, 356) than the rate of growth of productivity. 1. Define productivity. 2. See if you can verify Baumol and Blinder’s very strong claim (“nothing contributes more ...”) through the following exercise. Assume GDP in the United States is $10 trillion and that the labor force remains constant in size and fully employed. Estimate the value of GDP in one year’s time if productivity growth is 3%. What if it were only 2%? How much will GDP fall in two years’ time if productivity growth remains at 2% rather than 3%? In three years? 3. Why might environmental regulation reduce productivity growth? 4. Why might it increase…arrow_forwardIn Chapter 11, Tietenberg and Lewis note that market imperfections are a major cause of unsustainable development. What are some examples of market imperfections that hamper efforts to achieve sustainable development? Do such imperfections always lead to unsustainable outcomes? What are some economic incentive policies that might facilitate a transition from unsustainable to sustainable activities?arrow_forward
- The International Property Right Index scores countries based on the legal and political environment and how well property rights are protected. Go online and find a recent ranking. Choose three countries with high scores and three countries with low scores. Then find estimates of GDP per person in each of these six countries. What pattern do you find? Give two possible interpretations of the pattern.arrow_forwardUsing the growth rates for countries over the past 20 years, as shown in the figure below, is there evidence that poorer countries in Africa and Asia are converging to the level of income found in Western Europe? Regional growth rates, 1980-2018 The graph shows that while developed countries averaged growth rates of about 2 percent, developing countries in Asia grew much faster. Starting in about 2000, countries in sub-Saharan Africa also grew at a high rate. Real GDP growth rate (percent) 11 9 7 Emerging and developing Asla Sub-Saharan Africa (Region) Advanced economies 5 3 1 -1 -3 -5 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Source: IMF World Economic Outook, October 2018, www.imf.org/external/datamapper/NGDP RPCH@WEO/OEMDC/ADVEC/WEOWORLD. ○ Yes, the map shows that over the past 20 years countries in Western Europe have grown faster than countries in Africa and Asia. ○ Yes, the map shows that over the past 20 years countries in Africa and Asia have grown…arrow_forwardThere 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 growtharrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningExploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc