Based on the discussion, identify and explain in your own words the significance of HDI in assessing economic development. Give 3 reasons. Limit your answer to 6 sentences per item. You may also cite a realistic example. Explanation Significance to me Significance to policymakers Significance to people
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- The belief that we can spend our way out of low growth is inconsistent with the best availableempirical evidence and ignores South Africa’s recent poor performance in using governmentspending as a tool to unlock much‐needed economic growth. Gambling with our future on riskyeconomic strategies that have failed elsewhere is something we are not prepared to do.’ TitoMboweni is South Africa's Minister of Finance. The increased government spending noted in Q.3.1. above has to be financed inone way or another. Describe three ways in which government spending can be financed.SOLOW’S MODEL (note: first three questions already been answered by a expert. Only questions 4, 5 and 6 need solutions) Consider following information from China and New Zealand in table: China New Zealand Real per capita GDP growth, 2012-2019 (average %) 6.5% 1.6% Real GDP per capita, 2012 (in constant 2017 USD) 11,169 32,989 Real GDP per capita, 2019 (in constant 2017 USD) 16,655 45,555 Average savings rate, 2012-2019 (% of real GDP) 43.7% 21.4% Capital stock, 2019 (in millions of constant 2017 USD) 14,283,969 409,160 Population (in millions) 1,434 4.8 Population growth (in %) 0.5% 1% Capital depreciation rate (in %) 3% 3% Production function in both economies has following functional form: Yt = A * Kt1/3 * Lt2/3 Where Yt denotes aggregate GDP in period t, Kt is aggregate capital stock, Lt is employment (assumed equal for whole population) and A is total factor productivity. Using information provided…Define the multiplier and explain its role in the economic development process. Give examples
- Draw the Solow model and fully labe the graph please. It should include per-worker production, steady state investment per-worker and a label for consumption. Where is the Golden Rule consumption level located? Is the golden rule located at the maximum sustainable capital level? why or why not. PLEASE DRAW OUT THE IMAGE I AM A VISUAL LEARNER PLEASE.Based from the material provided, give the point of view of the following classical economists on economic development. Explain the pros and cons. Economist Focus and viewpointAdam SmithDavid RicardoJohn Stuart MillThomas MalthusMarx and EngelsJosephSchumpeter Reflection:Do you think the concepts and views of the economists are true and relevant for economicdevelopment? (cite the theories/ views of the economist/s that are relevant)Instructions: choose the correct answer below 1. In W.W. Rostow 'Economic Perspective', the preconditions for take-off is describe as a) Growth in normal condition b) Real income per capita increase c) Expansion of the nation modern sectors d) Notable increase in investment 2. A cause of unplanned Urbanization in the Caribbean is a) Natural increase b) Tourism c) Rural development d) Increase manufacturing in urban area 3. According to Caribbean sociologist M. Cross, a problem becomes a social problem when a) It becomes the concern of the entire society of community b) The problem is a personal problem c) A social problem can be appreciated only within the framework of the larger picture d) None of the above 4. In Ryan's 'The Independence Experience', who stated that population growth in the Caribbean is influenced by fertility, mortality and international migration? a) R.T Smith b) M.G Smith c) Norma Abdullah d) J. Barrow 5. Which theoretical perspective…
- Please tell me which is the correct awnser for question 1.1 below there is nothing missing please just tell me which awnser or aawnsers are correct thank you Select one or more: a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the ratio of GDP per capita between the two countries is unchanged. b. If a country’s GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear scale graph against time the gap between the two lines must be narrowing. d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale graph against time the gap between the two lines will be constant.Which of the following is an example of a final good or service? A. Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs. B. Beef bought by a restaurant owner from a wholesale food distributor. C. A brand new economics text book purchased by a PGCC student. D. Jet Fuel bought by Northwest Airlines to power its fleet of planes.ii. Identify each of the following topics as being part of microeconomics or macroeconomics: d.factors influencing the rate of economic growth. e.factors influencing the demand for tractors. f.the impact of tax policy on national saving.
- Q-2: In the world, every economy faces the same fundamental economic challenges/issues though the solutions to the problems differ. In regards to this statement explain briefly what are these basic economics challenges/issues? Q-3: What does it mean to think like an economist? Q-4: What procedure you will adopt as an economist by which Economic Growth can be achieved?Xx What is neoclassical growth model of economic growth?In the Malthusian model, suppose that the quantity of land increases. A) using diagrams, determine what effects this has in the long-run steady state and explain your results. b)Plot what happens to the following variables over time as a result of the increase in the quantity of Land, population size and consumption per person