MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Chapter 20, Problem 1DQ
To determine
To Explain: The effect of rapid growth in Japan on US economy.
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Answer the following questions in your discussion response:
What are the necessary ingredients for a nation to experience greater rates of economic growth, higher average standards of living, and a greater ability to compete in the global economy? That is, what could the U.S. do to achieve all this?
Reflect on the changes in China. Can the country continue to be a manufacturing floor for the rest of the world as more Chinese move up in their income categories? What are the implications of the country’s incredible growth?
In 2018, according to the International Monetary Fund, India had the world’s 7th-highest nominal GDP, the 142nd-highest nominal GDP per capita, and the 7th-highest real GDP growth rate. What does each of these indicators tell us about the Indian economy and how life in India compares to life in other countries?
India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (142nd-highest nominal GDP per capita), but has a rapidly increasing standard of living (7th-highest real GDP growth rate).
India has a huge economy that produces lots of goods and services (142nd-highest nominal GDP per capita), is still fairly poor (7th-highest nominal GDP), but has a rapidly increasing standard of living (7th-highest real GDP growth rate).
India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (7th-highest real GDP growth rate), but has a rapidly increasing standard of…
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- Imagine Australia in a recession due to low demand for export commodities a) Explain how the low export demand will impact Australia's foreign exchange rate and money supply b) To combat the low export demand the Federal Government decides to invest in infrastructure to create a national transport grid, including improving port facilities in Darwin, Townsville and Sydney. Explain how this will impact short and long run economic growth in Australia?arrow_forwardHow well is the Australia economy positioned to recover in 2021 - likely factors that will drive growth?arrow_forwardTrace the development of the concept of globalization since it first appeared in the 1940s. What were the factors that have led to its development as a full-blown approach and integrated body of knowledge? What makes globalization a contested concept? Explain fully.arrow_forward
- Name the largest sector of today's U.S. economy.arrow_forwardThe post-Cold War period has been called the period of “globalization.” From what you read in the final textbook chapter, what does globalization mean? In some ways we’ve seen types of “globalization” earlier in history; what was similar or different about the most recent phase of globalization compared with others in the past?arrow_forwardWhat is globalization. What is the pro and con of it.arrow_forward
- Calculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth=2.6 percent; real output growth = -1.4 percent. Real growth per capita:% b. Estonia: population growth=-0.3 percent; real output growth 4.3 percent. Real growth per capita: % c. India: population growth = 2.1 percent; real output growth 6.2 percent. Real growth per capita: % d. United States: population growth = 0.4 percent; real output growth 2.6 percent. Real growth per capita: %arrow_forwardChina's economic development has been an unprecedented growth miracle in recent human history. Över the four decades since opening up, China has transformed from a poor and backward economy to a prosperous and modern one. Indeed, for much of its growth history, China rode on the waves of globalisation, international trade, and foreign investment. However, recent global events, such as the Sino-American trade war and the Covid-19, have threatened China's centrality in the global economic order. Analyse these two (2) calamitous events and explain how each of these events has threatened China's overall position and standing in the global economy. Provide relevant examples.arrow_forwardDo you expect that China, then India, will follow the growth paths of Japan and South Kora? What factors are similar across the countries, and what is unique about each of these four? Discuss with your peers.arrow_forward
- How did American participation in the global economy evolve over the course of the nineteenth century? How do these patterns reflect shifts in the domestic economic structure of the United States?arrow_forwardAs with most things, there are those who believe globalization is a good thing and others who believe it is horrible. What do you think? Why? In one or two paragraphs state your beliefs re globalization and explain why you believe this.arrow_forwardIn the 1990s, developed countries agreed to double their aid to Africa by 2015. A report by the United Nations conference on Trade and Development noted that sceptics had raised concerns about how much effect the doubling of aid would have on output and incomes in Africa, if the quantity of other inputs such as human capacity and institutions were to remain fixed. It also pointed to the divisions between the sceptics with some suggesting the return would diminish when aid reached only 4% of GDP, while others thought they would diminish only when it had reached 50%. It should be added that even if the returns do begin to diminish, they could still be very important.In 1887, Cecil Rhodes created the De Beers Consolidated mines Company, which controlled about 90% of the total world supply of rough uncut diamonds with its South African mines. Until 2001, De Beers produced about half of the world’s diamonds in its mines and marketed about 80% of the world’s diamonds. Diamond producing…arrow_forward
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