EBK MACROECONOMICS FOR TODAY
9th Edition
ISBN: 8220101425966
Author: Tucker
Publisher: CENGAGE L
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Chapter 20, Problem 8SQ
To determine
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Which GDP result (current or constant) is more appropriate for comparative purpose with other countries?
In your opinion, will real GDP or per capita real GDP be a better indicator in measuring well-being of a nation?
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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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- Explain why GDP per capita comparison among nations are not a perfect measure of differences in economic well-being. (Hint: there are four problems with using GDP per capita to compare rich versus poor countries)arrow_forwardWhat is the difference between industrially advanced countries (IACs) and less-developed countries (LDCs)? List five IACs and five LDCs.arrow_forwardBased on the GDP information in the table below for 2 countries: Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000 Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.arrow_forward
- How 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_forwardIs there a better way to classify a country other than the use of GDP and per capita? Explainarrow_forwardAccording to the pictures How have the variables performed relative to each other?arrow_forward
- Explain the two main difficulties that arise in comparing the GDP of different countries. Which country (Links to an external site.) currently has the largest overall real GDP at Purchasing Power Parity (PPP) equivalent exchange rates?arrow_forwardWhy are business investments and consumption important to evaluate the economic situation of a country?arrow_forwardConsidering the strengths and weaknesses of GDP as a measure of a nations "well-being," how do you think we should change the way we measure GDP, if we want it to be a better measure of our "well-being?" In other words, nations around the world use GDP as a measure of how well they are doing, and they use changes in GDP as a way to gauge if they are doing better or worse than they were the last time they measured GDP. What specific changes do you think a nation should adopt so that GDP is a better measure of how well-off that nation is? It is not sufficient to write about the problems with the the way GDP is measured; provide your ideas on how - considering those problems - we can make GDP a better measure of how well-off we are. Keep in mind if something is to be included in the GDP, it must be able to be put in monetary units (US dollars, in the case of the US). So if you suggest something should be included, you need to explain how it would be measured (or estimated) in…arrow_forward
- Per capita GDP is used to measure a country's standard of living. What other economic factors impact the day-to-day life of citizens in a country?arrow_forwardIf 150 million workers produced Americas GDPin 2015, using the bar graph, how much output did the average worker produce?arrow_forwardConsider the table of GDP and population for several imaginary countries. GDP in millions of U.S. dollars 533.0 2275 Country Wrigleyville Longhornland Dinkytown $ 18.8 Using this information, please answer the questions. If there is not enough information to answer a question, please enter –11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. Population in millions GDP per capita in U.S. dollars 113.0 121 173.00 276800 1.600 B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. Incorrectarrow_forward
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