Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 18, Problem 9.1P
To determine
Identify the changes in the Gini coefficient in different countries.
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For 2008, GDP in the United States was estimated at $14.265 Trillion Dollars. If the estimated population was 303 million, what was the GDP per capita that year? What share of GDP would accrue to a family of four?
Using the information provided in Table 1 below for the Traditional Human Development Index, answer the following questions:
Hypothetical Data for Malaysia
Economic Indictor
Value
PPP GDP per capita
$ 13,990
Life Expectancy
79
Adult literacy
86%
Gross School Enrollment
82%
Calculate the income index, life expectancy index, and education index for Malaysia .
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Economy
Real Income per Person in 1960 (Dollars)
Real Income per Person in 2010 (Dollars)
Annual Growth Rate (Percent)
Austria
9,773
35,031
2.59
Venezuela
7,307
9,762
0.58
Botswana
468
9,515
6.21
Malaysia
1,624
11,863
4.06
Honduras
1,932
3,146
0.98
Zambia
1,412
1,309
-0.15
Indicate which economy satisfies each of the following…
Chapter 18 Solutions
Principles of Economics (12th Edition)
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- Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy…arrow_forwardEconomists examined many indicators in order to determine the standard of living of citizens within a country. Identify any five of these indicators and explain how they are used to determine how well-off citizens are (exclude nnp, gdp & gnp).arrow_forwardIs there any relationship between human development index and happiness index?Evaluate countries by considering the information in the table and also the figure if necessary.arrow_forward
- which of the following is NOT a problem in using economic statistics? a) using GDP statistics to compare income in the U.S. and Bangladesh may be inaccurate because household production (non-market) is a much higher percentage of the economy of Bangladesh. b) Using the published CPI statistics to calculate changes in the purchasing power of your income is inaccurate because the CPI is calculated for the "average consumer's" spending pattern. c)The same statistics are often interpreted differently by different politicians and reporters, which makes it difficult to understand what is really happening without understanding how the statistics were calculated. d) Government statisticians in the U.S. frequently distort the numbers.arrow_forwardGiven the statistics in the table below, which of the following statements is true? Bangaladesh GDP per person (2010 constant U.S. dollars) $1002.39 $1062.04 $1127.27 $1203.22 Year 2015 2016 2017 2018 Kenya GDP per person (2010 constant U.S. dollars) $1093.13 $1129.71 $1157.05 $1202.13 From 2015 to 2018, Kenya's standard of living always exceeded Bangladesh's standard of living. By the year 2018, Bangladesh had caught up with Kenya in terms of standard of living. From 2015 to 2018, Kenya's economic growth always exceeded Bangladesh's economic growth. From 2015 to 2018, Kenya's economic growth rate was always negative.arrow_forwardThe developing economies' share of the global gross domestic product (GDP) from 2003 to 2017 is shown in the following table. Year Share(% of GDP) Year Share(% of GDP) 2003 20 2011 35 2004 22 2012 38 2005 23 2013 39 2006 27 2014 40 2007 28 2015 41 2008 31 2016 42 2009 31 2017 43 2010 33 (a) Find the quadratic function that best models the developing economies' share of the global GDP as a function of the number of years after 2000. (Round all numerical values to four decimal places.)y(x) = (b) Use technology to find the maximum share of GDP that the developing economies can achieve, according to this model. (Round your answer to one decimal place.) The model predicts that in the year ---Select--- 2005 2010 2017 2027 2030 , developing economies reach their maximum share, %, of the GDP.arrow_forward
- Instructions: Work with the exact data from the internet and please provide sources of those from where you have collected information.The chosen country is NEPALDiscuss how the country moved in the GNP per capita rankings and HDI rankings in the last three decades (1990-2020).arrow_forwardThe following table lists GDP per capita from 1970 to 2010 for South Korea and the United States. As you can see, both grew substantially over that 40-year period. Plot the five data points for each country on a graph using a nonproportional scale, as in Exhibit 7.3 in the chapter. Connect the points to create a line graph. Plot the five data points for each country on a graph using a proportional scale, that is, a scale where equal distances represent equal percentage changes. Connect the points to create a line graph. Interpret the differences you see in the two graphs.arrow_forwardLilliput's aggregate income in 2015 was $48,002,000,500. Suppose the population of Lilliput was 20, 100,500 in 2015, of which 16,086,000 people were employed. Therefore, Lilliput's income per capita in 2015 was $ (Round your answer to two decimal places.) Suppose the aggregate income of Lilliput was $7.6 billion in Q1:2016, $7.2 billion in Q2:2016, $6.8 billion in Q3:2016, and $7 billion in Q4:2016. Lilliput from a recession in 2016. Lilliput's yearly unemployment rate for 2016 is likely to be the previous year's value.arrow_forward
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