Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 31, Problem 1.4P
To determine
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Describe economic growth and how it is stimulated by education and training, capital accumulation, and technological improvements.
The 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.
%
Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?
Botswana
Honduras
Malaysia
Zambia
Chapter 31 Solutions
Principles of Economics (12th Edition)
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- Explain the differences and similarities between economic growth and economic developmentarrow_forwardBriefly provide the relationship between economic growth (GDP growth), high/low unemployment, high/low wages, and the way they impact one another.arrow_forwardDistinguish between economic growth and economic development. How important is the accumulation of saving to a country’s economic growth?arrow_forward
- What are the meanings of ‘Economic growth’ and ‘Economic development’? What ‘Economic development’ means? Eradicate extreme hunger and poverty Achieve universal primary education Promote gender equality and empower women Reduce child mortality Improve maternal health Combat HIV/AIDS, malaria and other diseases Ensure environmental sustainability Develop a global partnership for development.arrow_forwardHow can you say that there is an economic growth in a particular country? Cite some instances to prove your answer.arrow_forwardWhat are the current growth rates, population size and patterns of the United States, China, and Brazil. What are the discussions on events or policies that may have affected that countries population size/growth rate. Be sure to include reputable sources, such as the United Nations or your selected country's government websites. government's response to population changes (laws, policies, social changes, etc.) Give the current population size of the world and the current projection of the population size as the 21st century progressed.arrow_forward
- It may be hard to remember, but Syria was once a fairly peaceful and prosperous country. The civil war has destroyed much of Syria’s infrastructure and caused a large number of highly educated Syrians to flee the country. Use the economic growth model to analyze the effects of the civil war on Syria. Draw a per-worker aggregate production function for Syria before the civil war. Choose some point A showing the combination of physical capital per worker and real GDP per worker of the country that existed at that time. Demonstrate the impact of the civil war. Show any change in the level of capital per worker and the aggregate production function. Label the new combination of physical capital per worker and real GDP per worker as point B. Explain Post your graphical model and your analysis. When posting an image, please use the "Embed image" icon above so your image shows up in your post instead of forcing everyone to download your graph and open it in another application. Instructions…arrow_forwardIndicate which economy satisfies each of the following statements. Statement Austria Botswana Honduras Malaysla Venezuela Zambla This economy had the highest level of real income per person in the year 2010. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010, Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010? O Austria Honduras Malaysia Zambiaarrow_forwardHypothetical data is given for the following countries. Calculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth = 2.8 percent; real output growth=-1.6 percent. Real growth per capita: % b. Estonia: population growth-(0.6) percent; real output growth-4.5 percent. Real growth per capita:[ % c. India: population growth=1.7 percent; real output growth = 5.9 percent. Real growth per capita: [ % d. United States: population growth 0.7 percent; real output growth = 2.8 percent. Real growth per capita: [arrow_forward
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