Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables showthe supply of land, population size, and real GDP for these two economies from 2020 to 2023.Complete the last column of the following two tables by calculating real GDP per capita for the two economies.TralfamadoreLandReal GDP(Dollars)Real GDP per Capita(Dollars)Year (Hectares)Population202020,0005004,500202120,0001,00010,000202220,0001,50016,500202320,0002,00024,000SporonLandReal GDPReal GDP per Capita(Dollars)Year(Hectares) Population (Dollars)202020,0001,00015,000202120,0002,00028,000202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withhigher or lowerland-labour ratios. 202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withland-labour ratios.Which of the following is a correct description of the effect of population growth on economic growth in Tralfamadore from 2020 to 2023?O Real GDP per capita rose from 2020 to 2023 as population increased.O Real GDP per capita fell initially but eventually rose as population continued to expand.O Real GDP per capita fell from 2020 to 2023 as population increased.O Real GDP per capita rose initially but eventually fell as population continued to expand.The English economist Thomas Malthus made an incorrect prediction regarding long-run living standards. His error can largely be traced to his notrecognizing the importance of natural resources or technological changes

Real GDP refers to the measure of a country's gross domestic product that has been adjusted for…

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose an economy that produces and consumes apples, bread, and toy-cars. In the following table are data for two different years. 2019 2020 Good Quantity Price Quantity Price Apples 50 Rs.50 60 Rs.60 Bread 200 Rs. 20 180 Rs.25 Cars 25 Rs. 100 30 Rs.140 a. Using 2019 as the base year, compute the following statistics for 2019 and 2020 in the table given below: Statistics 2018 2019 GROSS DOMESTIC PRODUCT Nominal GDP Real GDP GROWTH RATE Growth Rate of Nominal GDP Growth Rate of Real GDP PRICE INDICES GDP deflator Inflation rate using GDP deflator - CPI (a fixed-weight price index) Inflation rate using CPI b. How much did the cost of living rise between 2018 and 2019? Compare the answers given by GDP deflator and CPI. Explain the difference. c. Explain which price index (GDP deflator or CPI) should be used to adjust the salaries, budget or spending to counterbalance the changes in the cost of living? Why?
Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer choices 20 16 25 12
Consider a simple economy whose only industry is printing. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of documents one worker prints per hour. In the following table, match each example to the productivity determinant it represents. Examples Human Capital per Worker Natural Resources per Worker Physical Capital per Worker Technological Knowledge The knowledge workers receive from training sessions on how to use and repair the printing presses The presses used to print documents The trees that are used to create pulp for the production of paper A way of organizing workers among the printing presses that speeds up the printing process
Three Irish sisters are thinking about emigrating in 1870. The optionsare going to the United States or Argentina, or staying in Ireland. They cannot agree where to go and split up. One stays in Ireland, one emigrates to the United States and one to Argentina. The following table provides information on real GDP per capita in 1870, 1913, and 1929 in Ireland, theUnited States and Argentina expressed in U.S. dollars of 1990, which we will use to analyze how each did. real GDP per capita 1870 1913 1929Ireland 1,775 2,736 2,824United States 2,445 5,301 6,899Argentina 1,311 3,797 4,367 (a) Using GDP per capita as a measure of wealth, how much richer or poorer was the average Irish relative to the average American and Argentine in 1870? Express your answer in percent.
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The data below are from the economies of Ishgandar and Nonburmia. Ishgandar Nonburmia Year Population GDP Deflator Nominal GDP Year Population GDP Deflator Nominal GDP 1 5 100 $200 1 10 100 $300 2 5 125 $375 2 10 110 $440 (e) Assume that in Year 1 Nonburmia is operating inside its production possibilities curve and that Nonburmia’s production possibilities curve remains unchanged from Year 1 to Year 2. As a result of the change in real GDP from Year 1 to Year 2, does Nonburmia’s economy move closer to or farther away from its production possibilities curve? Explain using numbers for real GDP and state what will happen to cyclical unemployment in the short run.
Consider the table of GDP and population for several imaginary countries. Country GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars Wrigleyville 511.0 189.0 Longhornland 2209 167 Dinkytown 243.00 1.100 Using this information, please answer the questions. If there is not enough information to answer a question, please enter −11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. $
Three Irish sisters are thinking about emigrating in 1870. The options are going to the United States or Argentina, or staying in Ireland. They cannot agree where to go and split up. One stays in Ireland, one emigrates to the United States and one to Argentina. The following table provides information on real GDP per capita in 1870, 1913, and 1929 in Ireland, the United States and Argentina expressed in U.S. dollars of 1990, which we will use to analyze how each did. Real GDP per capita 1870 1913 1929 Ireland 1,775 2,736 2,824 United States 2,445 5,301 6,899 Argentina 1,311 3,797 4,367 (d) Suppose by 1913 each of the sisters has a daughter who is thinking about emigrating. The daughters forecast income in 1929 using the average growth rate observed between 1870 and 1913. Find the forecasted 1929 real GDP per capita level for each country.
Suppose there is a simple hypothetical economy in which the only industry is cloud computing. In the cloud computing field, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of lines of code one programmer authors per hour.
Consider a simple economy whose only industry is fishing. In this industry, productivity is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents.
A typical U.S. worker today works fewer than 40 hours per week, while in 1890, he or she worked 60 hours per week. Does this difference in the length of work weeks matter in comparing the economic well-being of U.S. workers today with that of 1890? Or can we use the difference between real GDP per capita today and in 1890 to measure differ- ences in economic well-being while ignoring differences in the number of hours worked per week? Briefly explain.