Determine the change in real GDP per person in the industrialized countries over the past century.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

If country A’s and country B’s GDP per capita are $10,000 and $5,000 this year, respectively. Country A is projected to grow on average 2% a year in the foreseeable future and country B is projected to grow on average 5% a year. How many years will it take for country B’s GDP per capita to equal that of country A? (Show calculation steps.)

The data of for 1960 shows that the real GDP per capita was $6,354 for Japan, $12,282 for Germany, and $13,780 for the United Kingdom. (2011 US$). Suppose Japan maintained a 3% annual growth rate of real GDP per capita, Germany a 2% annual growth rate and the United Kingdom a 1% annual growth rate. Then which of the three countries will have the highest real GDP per capita in 2040? (Click to select) The real GDP per capita in 2040 for Japan: The real GDP per capita in 2040 for Germany: [ The real GDP per capita in 2040 for the United Kingdom: (Give your answer rounded to the nearest whole number) :

Question 6 The president of the World Bank has asked you to calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010. In 1980, per capita GDP was about $728 and in 2010 it was about $1,025. You tell him the average growth rate of per capita GDP is about percent. 223 O1.1 O1 O23

Answer 2

Question

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Answer 6

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.

Economics Concept Introduction

Real GDP: Real GDP measures the volume of output. It is adjusted for inflation and measured at constant prices.

Answer 7

Chapter 7, Problem 1RQ

To determine

Determine the change in real GDP per person in the industrialized countries over the past century.

Answer 8

Expert Solution & Answer

Explanation of Solution

The real GDP of a nation is always treated as a basic measure of the level of economic activity. Thus, the real GDP per person indicates a measure of the quantity of goods and services available to the typical resident of a country. Over the past centuries, since 1870, the data show that the value of real GDP per person increases, which is more than 10-fold in Country U’s economy and many other industrial nations and 25-fold in Country J. As a result, the material standard of living of an average person in these industrialized countries increases. However, there is a huge gap between the growth rates of the real GDP in underdeveloped nations and developed nations. In the final result, there is a huge gap in the standard of living of people between the high income nations and the low income nations.