Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
Textbook Question
100%
Book Icon
Chapter 19, Problem 31P

Ethiopia has a GDP of $ 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of $ 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.

Blurred answer
Students have asked these similar questions
Explain the importance of differential calculus within economics and business analysis. Provide three refernces with your answer. They can be from websites or a journals.
Analyze the graph below, showing the Gross Federal Debt as a percentage of GDP for the United States (1939-2019). Which of the following is correct? FRED Gross Federal Debt as Percent of Gross Domestic Product Percent of GDP 120 110 100 60 50 40 90 30 1940 1950 1960 1970 Shaded areas indicate US recessions 1980 1990 2000 2010 1000 Sources: OMD, St. Louis Fed myfred/g/U In 2019, the Federal Government of the United States had an accumulated debt/GDP higher than 100%, meaning that the amount of debt accumulated over time is higher than the value of all goods and services produced in that year. The debt/GDP is always positive during this period, so the Federal Government of the United States incurred in budget deficits every year since 1939. From the mid-40s until the mid-70s, the debt/DGP was decreasing, meaning that the Federal Government of the United States was running a budget surplus every year during those three decades. During the second half of the 1970s, the Federal Government…
An imaginary country estimates that their economy can be approximated by the AD/AS model below. How can this government act to move the equilibrium to potential GDP? LRAS Price Level P Y Real GDP E SRAS AD The AD/AS model shows that a contractionary fiscal policy is suitable, but the choice of increasing taxes, decreasing government expenditure or doing both simultaneously is mostly political The AD/AS model shows that increasing taxes is the best fiscal policy available. The AD/AS model shows that decreasing government expenditure is the best fiscal policy available. The AD/AS model shows that an expansionary fiscal policy capable of shifting the AD curve to the potential GDP level would decrease Real GDP but increase inflationary pressures

Chapter 19 Solutions

Principles of Economics 2e

Additional Business Textbook Solutions

Find more solutions based on key concepts
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
MACROECONOMICS FOR TODAY
Economics
ISBN:9781337613057
Author:Tucker
Publisher:CENGAGE L
Text book image
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
Economics For Today
Economics
ISBN:9781337613040
Author:Tucker
Publisher:Cengage Learning
Text book image
Survey Of Economics
Economics
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Text book image
Economics:
Economics
ISBN:9781285859460
Author:BOYES, William
Publisher:Cengage Learning