5.0 Evaluate the extent to which economic growth has contributed to the living standards in the chosen countries. Use the following to help you with the discussion. This must answer the following questions: 5.1 If the countries you selected have high economic growth, is that economic growth inclusive or exclusive? 5.2 If the countries you selected have high living standards, has economic growth lead to achieving this? 5.3 If the countries you selected have low living standards, would a higher economic growth be enough to achieve higher living standards? 5.4 Does high economic growth always lead to a high standard of living? 5.5 What are the best indicators to assess the standard of living?

5.0 Evaluate the extent to which economic growth has contributed to the living standards in the chosen countries. Use the following to help you with the discussion. This must answer the following questions: 5.1 If the countries you selected have high economic growth, is that economic growth inclusive or exclusive? 5.2 If the countries you selected have high living standards, has economic growth lead to achieving this? 5.3 If the countries you selected have low living standards, would a higher economic growth be enough to achieve higher living standards? 5.4 Does high economic growth always lead to a high standard of living? 5.5 What are the best indicators to assess the standard of living?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

See similar textbooks

Similar questions

What policies can the government of a free-market economy implement to stimulate economic growth?
In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million. In 2000, Denmark had 3 GDP of 160 billion (measured in U.S. dollars} and a population of 5.3 million. By what percentage did Denmarks GDP per capita rise between 1980 and 2000?
Explain why converging economies may present a strong argument for limiting flows of capital but not for limiting trade.
he table below shows the level of real GDP and real GDP per capita growth rates for a select set of countries for the year 2016. Determine the number of years it will take for the standard of living to double in each country. Instructions: Round your answers to one decimal place. Growth Rates and the Rule of 72 Country Real GDP (millions) Growth Rate of Real GDP per Capita (percent) Number of Years for Standard of Living to Double Canada $1,597,516 0.2% Madagascar 37,570 1.4 Philippines 807,894 5.3 Sweden 490,282 2.2 United States 18,624,475 0.8
Look at the hypothetical data in the table below: Real GDP per capitaNigeria-$1,000Mexico-$8,000China-$15,000United States-$33,000 Fact is, changes in income over time explains economic growth of a country. Using two sources of growth, account for the large differences in income per capita across these countries?
If X grows at a rate of 9% a year, and Y grows at a rate of 14 percent per year, what is the growth rate of X/Y? a. 23% b. -5% c. 5% d. (9/14) % A nation’s population is growing 5% per year, and its total GDP is growing 1% per year. What is the annual rate of growth of GDP per capita? Feel free to round to the nearest percentage point:.
Orthodox or conventionaleconomists say that to address unequal growth between the rich and the poor, the world economy needs to grow Do you agree with this idea? Why or why not? Whatdoes the term “de-develop” mean? Is it a positive or a negative idea? Explain your According to investopdia.com,a steady-state economy is an economy structured to balance growth with environmental integrity, seeking to find an equilibrium between production growth and population growth. This type of economy aims for the efficient use of natural resources but also seeks a fair distribution of the wealth generated from the development of those resources. Is this type of economy more plausible than continued, unlimited economic growth? Why or why not? How can humanity possibly find a balance between economic growth and social justice?
(a) What three institutions do you consider are the most important for a country’s economic growth? Briefly explain. (b) Suppose a “leader country” has a real GDP per capita of $50,000, whereas a “follower country” has a real GDP per capita of $25,000. Next, suppose there is a military takeover in the leader country which causes the growth of real GDP per capita to fall to zero percent. In the meantime, real GDP per capita growth in the follower country rises to 5 percent. If these rates continue for a long period of time, how many years will it take for the follower country to catch up to the living standard of the leader country? (c) If you were to hold the size of the labor force in an economy constant, how would increasing the spending in capital goods help to make workers more productive and increase economic growth? What about the effect on economic growth from increasing the size of the labor force through population growth while physical and human capital remain constant?
These are the leading causes of population growth:? Poverty? Poor Contraceptive Use? Child Labor? Reduced Mortality Rates? Fertility Treatment? Immigration? Lack of Water? Lower Life Expectancy? War? FamineWhy do you think these are the top 10 causes of population growth? Explain why each of theabove is one of the main causes. You answer must relate to South African examples or atleast developing countries.
Look at the hypothetical data below:Real GDP per capitaNigeria $1,000Mexico $8,000China $15,000United States $33,000Fact is, changes in income over time explains economic growth of a country. Using two sources of growth, account for the large differences in income per capita across these countries?e. Discuss three policies governments can use to promote economic growth.
Consider two developed and developing countries, the population growth rate of developed countries is 2 percent per year and saving rate of 30 percent. The developing country has a population growth rate of 5 percent and saving rate of 10 percent. Suppose that initial technology of the developed country is 10 times higher than that of the developing country and that both countries have the same productivity growth and depreciation rate: g - 0.02 and 5=0.03. Assume that a - 1/ 3. In a steady state, how much is the developed country's GDP per capita larger than the developing country?
Assume that in Mexico the average annual per capita GDP growth rate is 3 percent per year, while in Argentina it is 2.5 percent. Next, assume that both countries began with an initial per capita GDP of $1,000 in 1965. By 2015, per capita GDP would have been ________ in Mexico and ________ in Argentina. A. $228; $291 B. $3,437; $4,384 C. $4,515; $3,523 D. $4,384; $3,437 E. Not enough information is given.