EBK MACROECONOMICS FOR TODAY
9th Edition
ISBN: 8220101425966
Author: Tucker
Publisher: CENGAGE L
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Question
Chapter 20, Problem 3SQP
(a)
To determine
The preferred country for living based on GDP.
(b)
To determine
The preferred country to reside based on additional quality of life data along with GDP.
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Students have asked these similar questions
Scenario: Country A has one of the highest real GDP while Country B has one of the highest real GDP per capita in the world respectively.
Question - What does this tell us, about the well-being of the residents of Country A and B? Give an example of a country to support your answer.
Which GDP result (current or constant) is more appropriate for comparative purpose with other countries?
Consider the following data for country A:
Population
(millions)
Real GDP
Country
($ billions)
50
A
Calculate per capita real GDP (Enter your response rounded to the nearest integer.)
Suppose that during the next 10 years, real GDP triples and population doubles in country A. What will
per capita real GDP after 10 years have passed? (Enter your response rounded to the nearest
integer.) $.
Chapter 20 Solutions
EBK MACROECONOMICS FOR TODAY
Ch. 20.2 - Prob. 1GECh. 20 - Prob. 1SQPCh. 20 - Prob. 2SQPCh. 20 - Prob. 3SQPCh. 20 - Prob. 4SQPCh. 20 - Prob. 5SQPCh. 20 - Prob. 6SQPCh. 20 - Prob. 7SQPCh. 20 - Prob. 8SQPCh. 20 - Prob. 9SQP
Ch. 20 - Prob. 10SQPCh. 20 - Prob. 11SQPCh. 20 - Prob. 12SQPCh. 20 - Prob. 1SQCh. 20 - Prob. 2SQCh. 20 - Prob. 3SQCh. 20 - Prob. 4SQCh. 20 - Prob. 5SQCh. 20 - Prob. 6SQCh. 20 - Prob. 7SQCh. 20 - Prob. 8SQCh. 20 - Prob. 9SQCh. 20 - Prob. 10SQCh. 20 - Prob. 11SQCh. 20 - Prob. 12SQCh. 20 - Prob. 13SQCh. 20 - Prob. 14SQCh. 20 - Prob. 15SQCh. 20 - Prob. 16SQCh. 20 - Prob. 17SQCh. 20 - Prob. 18SQCh. 20 - Prob. 19SQCh. 20 - Prob. 20SQ
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Similar questions
- In your opinion, will real GDP or per capita real GDP be a better indicator in measuring well-being of a nation?arrow_forwardCountry A and Country B start with the same GDP per capita of $50,000. Country A's GDP per capita grows at a constant rate of 2.8% and Country B's GDP per capita grows at a constant rate of 1.4%. Use the rule of 70 to compute the difference in GDP per capita for these two countries after 100 years, in thousands of dollars.arrow_forwardHow much should you earn to make a living in different countries?How much money you think you would need for a decent living in yourcountry. Consider different situations for a household of 1, 2, 3, 4people.How that compares to GDP/capita?Build a table that would display the real difference in the wealth ofnations.arrow_forward
- Is there a better way to classify a country other than the use of GDP and per capita? Explainarrow_forwardIdentify ONE way that the data in the chart illustrate global economic differences between countries in the late twentieth century. b) Identify ONE similarity (other than GDP per capita) that might account for the low life expectancies of some of the world’s countries, as displayed in the chart. c) Explain ONE way in which longer life expectancies in some of the world’s countries, as displayed in the chart, have led to new political, economic, or social problems.arrow_forwardAccording to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in North America? Latin America? Africa?arrow_forward
- In a farway country, banana is the most important crop exported to rest of the world. Data about economic indicators for farway country are given in Table 1. In recent years, a life style change, leading to more consumption of processed food, than raw food has led to reduction in demand for Bananas for consumption. Since the manufacturing sector in FarwayCountry is not developed, the country has to import most of its processed food needs, leading to increase in imports.The Government of Farwaycountry is contemplating inviting foreign investors to establish industries to manufacture banana products such as candies, marshmallows, chips, cookies etc. to give boost to manufacturing sector in the economy. Mr. Brown runs Candie Floss inc., a leadingcompany from Australia that manufactures candies, and sells across the world. Mr. Brown is approached by the External Affairs Minister of Farway Country, inviting him to set up his unit in Farway Country. Mr. Brown is looking for some advice,…arrow_forwardPer capita income (or output) is the general measure used to compare the standard of living between countries. If a country's population growth is higher than its economic growth, what happens to per capita income? What are some of the limitations to using per capita income as a measure to compare the well-being of different countries?arrow_forwardAssume you are given the following data for country Alpha and country Beta. Country Alpha Beta GDP per Capita $2,500 $15,000 Based only on the GDP per capita data given in the table, you would most likely want to live in Now assume you are given the following additional quality-of-life data. Alpha Beta Life Expectancy at Birth Per Capita Calorie Supply Country Alpha Beta (Years) 70 (Per day) Per Capita Energy Consumption (Kilograms of oil equivalent) 3,500 65 2,500 4,000 3,000 Based on the information in both tables, the nation that you would most prefer to reside is .arrow_forward
- List any three quality of life indicators (table). How do they differ between wealthy and poor countries?arrow_forwardFor all of their diversity, many less developed countries are linked by a range of common problems. What are these problems? Which do you think are the most important? Why? Explain the distinction between low levels of living and low per capita incomes. Can low levels of living exist simultaneously with high levels of per capita income? Explain and give some examples.arrow_forwardTwo students are discussing the pros and cons of different measures of economic development. “GDP per capita,” declares the first, “is the only true measure of how developed a country’s economy is.’ The second student counters, “I disagree. The only true measure of a country’s economic development is its people’s quality of life, regardless of its GDP.” Why is each of these students incorrect?arrow_forward
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