EBK PRINCIPLES OF ECONOMICS
7th Edition
ISBN: 8220102958395
Author: Mankiw
Publisher: CENGAGE L
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Chapter 25, Problem 2QCMC
To determine
Comparison of GDP between rich and other countries.
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1. Haiti is one of the poorest countries in the world. Suppose you were asked to be an advisor to the policymakers of Haiti. Please briefly discuss two policies that you would recommend to them to promote economic development in their country.
a. Explain what is the income inequality in global economic issue.
b. Explain what are the causes of income inequality in global economic issue.
c. Explain what are the consequences of income inequality in global economic issue.
In the diagram below, which of the following economies have a more equal income distribution?
(a)
Economy A.
(b)
Economy B.
(c)
Economy C.
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- The Importance of Productivity Two well-known economists, William Baumol and Alan Blinder, have stated that, in the long run, “nothing contributes more to reduction of poverty, to increases in leisure, and to the country’s ability to finance education, public health, environmental improvement and the arts” (1991, 356) than the rate of growth of productivity. 1. Define productivity. 2. See if you can verify Baumol and Blinder’s very strong claim (“nothing contributes more ...”) through the following exercise. Assume GDP in the United States is $10 trillion and that the labor force remains constant in size and fully employed. Estimate the value of GDP in one year’s time if productivity growth is 3%. What if it were only 2%? How much will GDP fall in two years’ time if productivity growth remains at 2% rather than 3%? In three years? 3. Why might environmental regulation reduce productivity growth? 4. Why might it increase…arrow_forwardWhat is likely to happen to income inequality in a developing country as it undergoes rapid industrialization? A. Income inequality will decrease significantly. B. Income inequality will remain the same. C. Income inequality will increase initially, but may decrease over time. D. Income inequality will increase and continue to rise indefinitely.arrow_forwardLife in the Developing Nations: Population and Poverty 1.What is the distribution of the world's population between the developed nations and developing nations? What is the distribution of income between these two groups and their consumption as a percentage of world income? 2.Can the same principles that have been used in the study of advanced economies be used to study less developed economies as well? Explain your answer. 3.What are some of the issues that economists have to worry about when studying developing nations that are very different from those of advanced industrialized nations? 4.In the 1960 nations could be divided into three distinct groups. Discuss these three groups and offer examples of countries that fit into each of these categories. 5.Why is it that today it is more difficult to categorize countries into the three neat groups like the one that were used in the 1960s.arrow_forward
- Tell One Positive and normative statement about universal basic income in Canada in any article.arrow_forwardMust we have inequality for economic growth? A. Yes, disparities in income and wealth encourage hard work and saving. B. Yes, the richer individuals are in society, the more they can invest their capital in society and produce jobs for all. C. No, inequality stymies economic growth. More unequal nations grow less quickly than more equal societies - potentially due to speculative spending, and low healthcare outcomes and educational attainment for poorer people leading to less productivity. D. No, it is mean spirited and makes people dislike each other.arrow_forwardWhich is NOT causing the growth of slums, according to Mike Davis? Group of answer choices Lack of economic development in cities IMF structural adjustment programs Rising crime and drug abuse Growth of large-scale industrial agriculturearrow_forward
- What are the four basic factors of production? Provide at least one example of each factor of production and discuss how that factor is used economically.arrow_forwardIn a capitalist economy, is income inequality necessary for economic growth?arrow_forwardWith all its natural resources, why does Africa remain the poorest continent in the worldarrow_forward
- Why is income per person so much higher in some countries than others?arrow_forwardIt's a positive or normative statement? explain?arrow_forwardCritically evaluate the following statement (i.e. discuss whether you agree with the statement or not, which part of the statement is correct, which is not correct, if the information in the statement is correct only in specific context, etc. Comment on each sentence/piece on information one by one): ‘Africa is the poorest region in the world.’arrow_forward
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