Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

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Answer 1

Question

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

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Students have asked these similar questions

5. Download the Excel sheet from Brightspace. The data contains the GDP per capita and GNI per capita of OECD member countries in 2014 (both figures are reported in US dollars). The countries are ranked by GDP per capita. a. Compute the ratio of GNI to GDP for each country (GNI per capita/GDP per capita). What does this imply about net factor income from abroad for each country? b. Rank the countries based on the GNI/GDP ratio, starting with the country with the highest ratio and ending with the country with the lowest ratio. Which country has the highest ratio, and which has the lowest? c. Comment on why the countries you identified in the previous question have a large difference between GDP and GNI? What does the difference imply?

3. Answer the following questions about external wealth. a. Home has external wealth of $100 million in period t. In t+1, Home purchases $160 million foreign assets, and Foreign purchases $120 million in Home assets. Assume a world interest rate of 10% per annum. Compute the "change" in external wealth at t+1 for Home. b. A country's external wealth was -$1.5 billion at the end of 2015, and its trade balance was $750 million in 2016. Assume the world interest rate is 5% per annum. What is the "value" of a country's external wealth at the end of 2016?

1. The table below shows a country's hypothetical national income and product accounts data. Category Consumption (personal consumption expenditures) Investment (gross private domestic investment) Government consumption (government expenditures) Exports Imports Net Factor Income from Abroad Net unilateral transfers Billions of Dollars 8,000 1,300 2,100 900 1,750 +45 -20 a. Compute the following accounts using the information in the table: Gross national expenditure (GNE) . Trade balance (TB) • Gross domestic product (GDP) • Gross national income (GNI) . Gross national disposable income (GNDI) Current account (CA) b. Derive the current account identity using the national income identity. Are savings greater than or smaller than investment in this country? The national income identity is: GNDIGNE + CA, GNE = C + G + I.

Answer 2

Question

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

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Answer 3

Question

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

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Answer 4

Question

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

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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 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

Answer 6

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

Answer 7

Chapter 20, Problem 1SQP

To determine

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Answer 8

Expert Solution & Answer

Explanation of Solution

Industrially advanced countries (IAC) have high income or high per capita GDP. The production in IACs is based on technologically advanced capital and educated labor. The most developed countries like United Nations, Canada, Australia, New Zealand, Japan, and most of the Western European countries are the examples of IACs. Countries which have high income but low industrial development like United Arab Emirates cannot be considered as IACs.

Less developed countries (LDC): The countries which are not included in IACs are categorized as less developed countries. The less developed countries are low income nations that are produced without advanced technology of capital and educated labors. Economy based on agriculture, poverty, and so on is the main features of LDCs. Countries like Nigeria, Angola, Congo, Sudan, Zimbabwe, and so on are some examples of less developed countries (LDCs).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Industrially Advanced Countries (IACs): IACs are the industrialized countries which will be advanced socially, technologically, and in infrastructural sectors compared to the developing countries.

Answer 12

Ch. 20.2 - Prob. 1GE Ch. 20.2 - Prob. 2GE Ch. 20 - Prob. 1SQP Ch. 20 - Prob. 2SQP Ch. 20 - Prob. 3SQP Ch. 20 - Prob. 4SQP Ch. 20 - Prob. 5SQP Ch. 20 - Prob. 6SQP Ch. 20 - Prob. 7SQP Ch. 20 - Prob. 8SQP

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Differentiate industrially advanced countries (IAC) and less developed countries (LDC).

Explanation of Solution

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Chapter 20 Solutions