Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 25, Problem 1QCMC
To determine
Real GDP growth in the U.S.
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For each part below, determine whether the following actions will increase or decrease productivity, and name the component of
productivity that each affects.
a. The local government builds a new school.
b. Teachers in the new school hold classes for young
students.
c. A manufacturer installs robots on its assembly line.
d. A research team designs a more efficient system of
irrigation.
e. A soda company discovers a new source of underground
water that can be used to make its products.
f. A professor writes a new and improved economics
textbook.
g. A large number of people have less access to health
care.
h. A worker receives on-the-job training to be a
mechanic.
Impact on productivity
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Component of
productivity
(Click to select)
Physical capital
Technology
Human capital
Natural resources
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Last year real GDP per person in the imaginary nation of Olympus was $4,260. The year before it was $4,100. By about what percentage did real GDP per person grow during
the period?
a. 1 percent
b. 0.04 percent
c. 16 percent
d. 4 percent
According to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in
North America?
Latin America?
Africa?
Chapter 25 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Suppose a country's real GDP is $14 trillion and the population is 200 million. Instructions: Enter your answers as a whole number. a. What is this country's real GDP per capita? b. Suppose that during the next 10 years, real GDP increases by 50 percent and the population triples. At the end of this 10-year period, what will be its real GDP per capita? 2$arrow_forwardIf real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percentarrow_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
- Suppose a country's real GDP is $18 trillion and the population is 400 million. Instructions: Enter your answers as a whole number. a. What is this country's real GDP per capita? b. Suppose that during the next 10 years, real GDP doubles and the population triples. At the end of this 10-year period, what will be its real GDP per capita? 2$arrow_forwardRichland's real GDP per person is $30,000, and Poorland's real GDP per person is $15,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's is growing at 3 percent per year. Compare real GDP per person in the two countries after 10 years and after 20 years. Approximately how many years will it take Poorland to catch up to Richland? Instructions: Enter your responses as whole numbers. GDP per person after 10 years. GDP per person Richland GDP per person after 20 years $ Poorland $ $ Poorland will catch up to Richland in (Click to select)years.arrow_forwardWhy did the average GDP growth rate declined in Western Europe during the period of 1913- 1950 comparing to the period 1870-1913. Start you answer by quoting the GDP growth rates (not GDP per capita growth rates) from the Madison table.arrow_forward
- Richland's real GDP per person is $5,000, and Poorland's real GDP per person is $2,500. However, Richland's real GDP per person is growing at 2 percent per year, and Poorland's is growing at 4 percent per year. Compare real GDP per person in the two countries after 10 years and after 20 years. Approximately how many years will it take Poorland to catch up to Richland? Instructions: Enter your responses as whole numbers. GDP per person GDP per person after 10 years Richland $ Poorland $ Poorland will catch up to Richland in (Click to select) GDP per person after 20 years $ $ years.arrow_forward2. 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 68.721arrow_forwardThe 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_forward
- 1. According to the Penn World Tables, Real gross domestic product (GDP) per capita (2005 PPP Dollars), are given for South Korea and Mexico in the years 1975 and 2009 as below. South Korea Mexico GDP per capita in 1975 4,018.67 7,662.34 GDP per capita in 2009 25,033.62 11,628.87 a. What is the compounded average annual rate of growth for South Korea between 1975 and 2009? b. What is the compounded average annual rate of growth for Mexico between 1975 and 2009? c. Notice that in 1975 South Korea was poorer than Mexico, but by 2009 South Korea was richer than Mexico. Assuming constant growth rates over this period for both countries, as calculated in parts (a) & (b) above, in what year did South Korea overtake Mexico? t 50 ot .13arrow_forward4. According to Malthus, how does economic growth and population relate to each other?arrow_forwardThere 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 growtharrow_forward
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