EBK PRINCIPLES OF ECONOMICS
7th Edition
ISBN: 8220102958395
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 23, Problem 9PA
To determine
The difference in GDP of India and US.
Expert Solution & Answer
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Students have asked these similar questions
Is GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a country's well-being? How should a country’s well-being be measured?
Consider 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.
Incorrect
How useful is GDP as a measure for countries' well-being and why? What other
measures could be included in comparing well-being across countries? If you were to
design an index to measure well-being in a country, what factors would you include
in the index?
Chapter 23 Solutions
EBK PRINCIPLES OF ECONOMICS
Ch. 23.1 - Prob. 1QQCh. 23.2 - Prob. 2QQCh. 23.3 - Prob. 3QQCh. 23.4 - Prob. 4QQCh. 23.5 - Prob. 5QQCh. 23 - Prob. 1QRCh. 23 - Prob. 2QRCh. 23 - Prob. 3QRCh. 23 - Prob. 4QRCh. 23 - Prob. 5QR
Ch. 23 - Prob. 6QRCh. 23 - Prob. 7QRCh. 23 - Prob. 8QRCh. 23 - Prob. 1QCMCCh. 23 - Prob. 2QCMCCh. 23 - Prob. 3QCMCCh. 23 - Prob. 4QCMCCh. 23 - Prob. 5QCMCCh. 23 - Prob. 6QCMCCh. 23 - Prob. 1PACh. 23 - Prob. 2PACh. 23 - Prob. 3PACh. 23 - Prob. 4PACh. 23 - Prob. 5PACh. 23 - Prob. 6PACh. 23 - Prob. 8PACh. 23 - Prob. 9PACh. 23 - Prob. 10PACh. 23 - Prob. 11PA
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- U.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?arrow_forwardWhat is the difference between GDP and Gross National Product (GNP)? Why do economists look at per capita measures of GDP and GNP when making comparisons between nations?arrow_forwardSouth Africa has a GDP of $10 billion (measured in U.S. dollars) and a population of 45 million. Ecuador has a GDP of $12 billion (measured in U.S. dollars) and a population of 4.5 million. Calculate per capita GDP for each country. Question 24 options: South Africa = $222.22; Ecuador = $2,666.67 South Africa = $22.22; Ecuador = $266.67 South Africa = $2222.22; Ecuador = $26,666.67 South Africa = $22.22; Ecuador = $2,666.67arrow_forward
- the measurement method of per capita income in Turkey has been changed in 2016.What is wrong with it?What’d happen to GDP per capita if Turkey has not made this revision?Do the other countries also apply such revisions?arrow_forwardGross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?arrow_forwardWhy isn't GDP a good measure for economic well beingarrow_forward
- Confused on how to answerarrow_forwardEthiopia has a GDP of $8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of $9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.arrow_forwardIf consumption is 10, investment 5, government purchases 6, exports 8, and imports 7, what is GDP?arrow_forward
- Explain why GDP per capita is a better measure of a nation’s standard of living that GDP. What other factors, besides GDP per capita, impact a nation’s standard of living?arrow_forwardAccording to the figure showing 2020 GDP for selected countries, how much larger (in percentage terms) is America’s GDP than: a. Great Britain? b. Haiti?arrow_forwardwhy are International comparisons of GDP misleadingarrow_forward
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