Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
Chapter 20, Problem 2P
To determine
(a)
To explain:
The way real
To determine
(b)
To explain:
The country having a higher growth rate of real GDP per capita.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
2. a. Calculate the growth rate of economy for the year 2019 (one digit after point is sufficient in the calculation [for example 40.1%]) 2. b. If the population of the country is constant and equals to 200 people, calculate GDP per capita for the year 2018 and 2019. 2 c. An increase in GDP per capita number, does necessarily show welfare increases in the majority of the people who lives in the country? Explain.
Country Name
Year
Exports
Consumption
Investment
Net Exports
Government Expenditure
Imports
Cambodia
2018
61.315
75.209
23.341
-1.699
4.904
63.014
Cambodia
2019
67.209
81.655
26.660
-1.512
5.288
68.721
There 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 growth
Calculate real growth per capita in the following countries:Instructions: Round your answers to 1 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 = 2.7 percent; real output growth = - 1.5 percent. %. b. Estonia: population growth = - 0.5 percent; real output growth = 4.4 percent. %. c. India: population growth = 2.2 percent; real output growth = 6.3 percent. %. d. United States: population growth = 0.6 percent; real output growth = 2.7 percent. %.
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
Knowledge Booster
Similar questions
- Over the 120 years from 1900 to 2020, the average growth rate of U.S. real GDP per person was 2 percent a year. What does this tell us? A. Real GDP grew faster than the population. B. The growth rate of real GDP was 2 percent a year on average. C. Real GDP grew slower than the population. D. The growth rate of real GDP was less than 2 percent a year on average.arrow_forwardNonearrow_forwardWhen gross domestic product increases, what is the outcome for economic growth?arrow_forward
- Hypothetical data is given for the following countries. 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 = 2.8 percent; real output growth=-1.6 percent. Real growth per capita: % b. Estonia: population growth-(0.6) percent; real output growth-4.5 percent. Real growth per capita:[ % c. India: population growth=1.7 percent; real output growth = 5.9 percent. Real growth per capita: [ % d. United States: population growth 0.7 percent; real output growth = 2.8 percent. Real growth per capita: [arrow_forwardHow does increasing the level of public education spending typically affect the long- term economic growth of a country? A. It has no effect on long-term economic growth. B. It reduces long-term economic growth due to higher taxes. C. It increases long-term economic growth by improving the workforce's skills and knowledge. D. It initially boosts economic growth but leads to a decline in productivity over time.arrow_forwardThe table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of people) 224 228 237 Year 1 2 Real GDP (millions of dollars) $5,847 6,666 7,541 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % % Real GDP per Capita (dollars) $26,103 29,237 31,819 % % Population: Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. %arrow_forward
- The table provides some data on real GDP and the population of Iberia in 2019 and 2020 If the growth rates of 2020 are maintained in future years, when will real GDP per person in Iberia double? If the growth rates of 2020 are maintained in future years, real GDP per person in t Iberia will A. double by 2055 B. double after 70 years C. double by 2090 D. never double unless the population stops growing Year 2019 2020 Real GDP (billions of pesos) 180,000 185,436 Population (billions) 300 303arrow_forwardWhat are the current growth rates, population size and patterns of the United States, China, and Brazil. What are the discussions on events or policies that may have affected that countries population size/growth rate. Be sure to include reputable sources, such as the United Nations or your selected country's government websites. government's response to population changes (laws, policies, social changes, etc.) Give the current population size of the world and the current projection of the population size as the 21st century progressed.arrow_forwardWhich of the following statements best describes the relationship between Economic Growth and Literacy Rates ? A. Literacy Rates decline as Economic Growth improves because Education is less useful in a developed economy. B. Increased Literacy initially stimulates Economic Growth by improving Labour Productivity but declines as the Opportunity Cost of Education increases with long-term Economic Growth. C. Increased Literacy stimulates Economic Growth by increasing Labour Productivity; People consume more Education as the Economy continues to grow. D. There is no correlation between Economic Growth and Literacy Rates.arrow_forward
- If the current real GDP growth rate and population growth rate are maintained, real GDP per person will double in approximately ____ years answer with a whole numberarrow_forwardThe fictitious country "Alpha" has a real GDP per person of $10,000. Instructions: Enter your responses rounded to the nearest penny (two decimal places). a. If Alpha has a 1% growth rate in real GDP per person, then after 15 years Alpha's real GDP per person is $ b. If Alpha has a 2% growth rate in real GDP per person, then after 15 years Alpha's real GDP per person is $ c. After 15 years, the difference in Alpha's real GDP per person based on the two growth rates is $arrow_forwardCalculate 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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc