Country Able and Country Baker initially have the same real GDP per capita. Country Able experiences no economic growth, while Country Baker grows at a sustained rate of 7 percent. In 12 years, Country Baker's GDP will be approximately ___________ that of Country Able. Group of answer choices one-fourth triple one-half double
Q: Suppose real GDP per capita in Sweden is 328,689 krona, and the price level in Sweden (measured…
A: Given information, Real GDP per capita in Sweden: 328,689 krona Real GDP per capita in Botswana:…
Q: The concept of Diminishing/Decreasing Marginal Returns is one of the core economic principles, and…
A: When talking about diminishing or decreasing marginal returns, it can be said that it is an economic…
Q: Figure: The Profit Maximizing Firm Price, ATC, AVC, and MC (per unit) PA P3 P₂ P₁ Reference Ref…
A: For a firm who operates in perfectly competitive market, prices are given and a firm has to produce…
Q: In a project, total 10 products will be produced by each worker. The time needed for producing the…
A: Learning rate refers to the proportion of amount saved by the increase in efficiency of labor every…
Q: What is income inequality in economics. Define it with the help of example.
A: Income inequality basically refers to the uneven distribution of income among a population. The more…
Q: The first condition for price discrimination is having a separate market. The second condition is to…
A: Price discrimination occurs when a company charges different rates to different consumers for the…
Q: Green Valley bank currently has Rs 1,000 million in transaction deposits on its balance sheet.…
A:
Q: A community public works project will cost $92,000 and will benefit five different individuals.…
A: No individual or preference criterion can be made better off without at least one of them becoming…
Q: If the government subsidizes vaccination against influenza to internalize the externality, should it…
A: We have given the market with externality such that it has social MB more than the Private MB.
Q: The information in Table 2-2 shows the production of tables and chairs, per worker, in two…
A: Comparative advantage, absolute advantage, and opportunity costs are some of the most important…
Q: What are the disadvantages of using loans to financial institutions to prevent bank panics?
A: We are well known that A bank panic is a situation when there are rumors of the bank being closed…
Q: 4.2 The South African Reserve Bank (SARB) seeks to maintain liquidity in the money market using a…
A: The national currency's legitimacy and purchasing power are both protected by price stability. When…
Q: f banks require 10% of transaction deposit in reserve, How much is the required reserve? How much is…
A: Bank reserves refer to the cash minimums that financial institutions must have on hand in order to…
Q: Question In the utility function above, x and y are substitutes. The Consumer Maximization…
A: Utility function Max(x;y)=5x + 6y Budget constraint x + 2y = 10 MRSxy=5/6
Q: A Store makes a $10,500 investment at a Bank Ltd on January 1, 2019. At the end of December 31,…
A: Compound Interest refers to interest on interest. In simple words compound interest is the interest…
Q: 1. Consider a two-product firm under pure competition. With pure competition, the prices of both…
A: Pure Competition prevails Two products Price of products: P1 & P2 Cost function: C = Q12 + 3Q22…
Q: Using the data, provide estimates of the following key National Accounting Aggregates: a) Gross…
A: National income accounting National income accounting is a method of government bookkeeping that…
Q: Compare expansionary and contractionary fiscal policy.
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: A commodity has a demand function modeled by p= 112 - 0.5x and a total cost function modeled by C =…
A: The profit is maximized where the Marginal revenue is equal to the marginal or MR= MC.
Q: Two months after launching the 8 GB iPhone in 2007Applereduced its price from $599 to $399 Unit…
A: Price elasticity of demand The pricing of some items seems to be particularly inelastic, according…
Q: The following is a table showing Erica's marginal benefit from purchasing bottles of soda and…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: In the figure below, which supply curves are likely to represent the short run? Price ($) Quantity…
A: Price Elasticity of Supply measures the percentage change in quantity supplied of a good or service…
Q: As usual, goods 1 and 2 are perfectly divisible, meaning that ₁ and 22 can take on any nonnegative…
A: U = (x1x2)0.5 - 2-x3
Q: Table 2-1 Good Rulers Pens Pencils Quantity (2020) Price (2020) 1 000 R3.00 2 000 R5.00 600 R6.00…
A: GDP- It calculates the monetary worth of the final products and services—those purchased by the…
Q: 4. Gesky Industrial Products manufactures brushless blowers for boilers, food service equipment,…
A: Introduction An interest rate is the percentage of principal charged by the lender for the use of…
Q: Suppose that a consumer chooses (x1, x2) = (9,2) at prices (pi, p2) = (2,3) and (x,x) (4,5) at…
A: Weak axiom of revealed preference implies that when one combination is preferred to other…
Q: How much of the tax per cell phone is paid by producers and how much is paid by consumers?
A: Tax paid by producer = price received before tax - price received after tax Tax paid by Consumer =…
Q: all that a consumer with utility Marshallian demand u(7₁, 7₂) = min{7₁, 27₂} 2w W x(p, w) = (2p₁ +…
A: utility functions show the relationship between the utility and commodities that are consumed.
Q: Armando consumes two goods: grapes and wine. He can purchase both at the market and also possesses a…
A: The Alfred Marshall-named Marshallian demand function defines how much a consumer needs of a certain…
Q: Find dy dx = x² +7. for y = √u and u= (Simplify your answer. Type an expression using x as the…
A: A derivative is a measure of how quickly one thing changes in relation to another. Derivatives are…
Q: 4. Consider a community with 80 vacant parcels. The value of developed parcels can be represented by…
A: Profits: It refers to the excess amount of revenue. The change in the level of profit will increase…
Q: 3. Describe any five important differences between the labour market and the goods market.
A: Labour Market: A labour market is a place where labour and organization meet for achieving…
Q: 1. Will Stephanie have enough funds for her investment in stocks and bonds, when needed? What will…
A: Introduction In recognition of Stephanie Carter's successful graduation, her grandparents gave her…
Q: d) Instead of a price control, the government levies a tax on produces of $20. As a result, the new…
A: Since you have specifically asked for the solution of part D, we are provided the answer for that…
Q: Type of Elasticity Estimate -0.25 0.90 Price elasticity of demand for cigarettes Price elasticity of…
A: Price elasticity of demand It is an indicator of how price-sensitive the quantity needed is. For…
Q: Your mother is a mother coal mine owner with a benevolent streak. Someday you will take on the…
A: Demand function : PD = 100-0.6qi Supply function : Ps=40+0.4qi Discount rate = 3% Equilibrium…
Q: How is the heterodox/MMT approach different than the Neoclassical/orthodox view of government…
A: Modern Monetary Theory (MMT) is defined as a theory which states that nations that have power or…
Q: 21. In Italy, firms pay tax on reported profits at a constant proportionate rate t € (0, 1). If the…
A: Audited Probability = P Non-audited probability = (1-P) Tax reported without an audit = tr
Q: A consumer of two goods has Hicksian demand (h₁ (p, u), h₂(p, u)) = (u, 2u). (a) Find the…
A: Given Hicksian demand function h1p,u,h2p,u=u,2u This implies h1p,u=u and h2(p,u)=2u To find the…
Q: Proposed Regressive Plan 40% on income up to $25,000 30% on income between $25,000 and $34,000 25%…
A: Here we are given the income tax structure, using that we solve the given questions.
Q: Armando consumes two goods: grapes and wine. He can purchase both at the market and also possesses a…
A: The quantity that a customer requires of a certain commodity is determined by that good's price,…
Q: Question 2 Assume the nation of Australia is "small" and thus unable to influence world price. Its…
A: Note:- This is too many subparts, So I have done only one parts, so I humble request to you please…
Q: The following graph shows the market for annual tortilla chip consumption, which is initially in…
A: Equilibrium refers to the point where the demand curve intersects the supply curve
Q: (i) (ii) Please specify the moneyness of the above options. Are they in the money, at the money, or…
A: Given, The price of the stock is $985
Q: Compare and contrast inequality and discrimination.
A: Inequality is what is happening in which individuals are not equivalent based on financial…
Q: Explicit Costs = Worker wages + pets and supplies to sell + annual rent Explicit Costs = 92,000 =…
A: In perfect competition, in long run there is zero economic profit. Same is the case with the…
Q: 3) You were recently chosen to be the new CEO of Rocket to the Moon, a company that contracts with…
A: The Bertrand model uses the price of a unit of a product to effect market demand, whereas the…
Q: 6 Find the derivative of f with respect to x of f(x) = In x The derivative off with respect to x of…
A: Derivatives are known as the rate of change of something with respect to a particular thing. In…
Q: In the utility function above, x and y are substitutes. The Consumer Maximization Problem is as…
A: The Substitute goods are used for each other. The corner solution exists in case of perfect…
Q: Q.3.4 Explain, with the aid of an equation, the components of the consumption function.
A: The consumption function that is also known as the Keynesian consumption function, is a mathematical…
Step by step
Solved in 2 steps
- Country alpha and beta initially have the same real GDP per capita. Country Alpha experiences 3% economic growth, while Country Beta grows at a sustained rate of 9 percent. In 14 years, Country Beta's GDP will be approximately _________ that of Country Alpha20 Macroeconomic Information for Mexico: 2020 Q2 GDP (in 2020 Q2 pesos) 4.97 trillion pesos 2020 Q1 GDP (in 2020 Q1 pesos) 6.09 trillion pesos 2020 Q2 GDP (in 2015 pesos) 3.76 trillion pesos 2020 Q1 GDP (in 2015 pesos) 4.54 trillion pesos Calculate Mexico's real GDP growth rate between the first and second quarters of 2020. (Enter your answer in percent form, rounded to one decimal place, without the percent sign. For example, if your answer is 0.12345, enter 12.3.) 21 Macroeconomic Information for Mexico: 2020 Q2 GDP (in 2020 Q2 pesos) 4.97 trillion pesos 2020 Q1 GDP (in 2020 Q1 pesos) 6.09 trillion pesos 2020 Q2 GDP (in 2015 pesos) 3.76 trillion pesos 2020 Q1 GDP (in 2015 pesos) 4.54 trillion pesos Calculate Mexico's inflation, using the GDP deflator method, between the first and second quarters of 2020. (Enter your answer in percent form, rounded to one decimal place, without the percent sign. For example, if your…Real GDP in Country Z is growing at 5 per cent and its population is growing at 2 per cent. In Country L, real GDP is growing at 4 per cent and its population is growing at 0.5 per cent. Thus, Select one:- a. real GDP per person in Country L is growing at a faster rate than in Country Z. b. real GDP per person in Country L is growing at a rate that is not comparable to that in Country Z. c. real GDP per person in Country L is growing at the same rate as in Country Z. d. real GDP per person in Country Z is growing at a faster rate than in Country L.
- Richland’s real GDP per person is $10,000 and Poorland’s real GDP per person is $5,000. However Richland is growing at 1% per year and Poorland is growing at 3% per year. Compare real GDP per person after 20 years and after 40 years. Please enter your answers as numerical responses rounded to the nearest dollar, and do not type out your answer as words. (ie. $13,452 not "Thirteen thousand four hundred fifty-two dollars"). What is Richland's Real GDP after 20 years? What is Richland's Real GDP after 40 years? What is Poorland's Real GDP after 20 years? What is Poorland's Real GDP after 40 years?Richland’s real GDP per person is $10,000, and Poorland’s real GDP per person is $5000. However, Richland’s real GDP is growing at 1% per year and Poorland’s is growing at 3 per cent per year. Compare real GDP per person in the two countries after 10 years and after 0 years. Approximately how many years will it take Poorland to catch up with Richland?County A & Country B both recorded an increase in real GDP of 5% per year from 1970 to 2005. During this time, the population of country A grew at 7% per year & the population for Country B grew at 3%. Which of the following is true during this period? a. Per capita GDP was the same for both Country A & Country B b. Per capita GDP decreased for Country B only c. Per capita GDP decreased for both Country A & Country B d. Per capital GDP decreased for Country A only
- Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, −2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these five years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate?Which of the following is a true statement? Multiple Choice Economists who support economic growth say that it is the most practical route to the higher standards of living that the vast majority of people desire. Most economists believe that the recent rise in the average rate of productivity growth implies an end to the business cycle. Most economists believe that increases in real GDP actually produce decreases in overall economic well-being because of spillover costs. Mainstream economists disagree as to whether the rate of productivity growth was higher between 1995 and 2012 or between 1973 and 1995.Which statement is NOT true? a. Government expenditure has direct control of a country's economic growth and businesses. b. investments in education and infrastructure are not likely to boost economic growth and labor productivity in the long run. c. Government spending also helps lower-income inequality among individuals. d. A high gross domestic product (GDP) doesn't necessarily translate into well being or higher living standards for citizens.
- KINDLY ASSIST “Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domesticproduct (GDP) averaging around 4% in 2023 and 2024”. Which of the following is a common characteristic of a country in Africa?A. High levels of industrialization and advanced technology.B. A well-developed and diversified service sector.C. High per capita income and living standards.D. Limited access to basic healthcare and education for a significant portion of the population.In year 0, Country A has a real GDP per capita of $1,600. If Country A grows at a constant rate of 6% per year and Country A's population remains constant, what is Country A's real GDP per capita by year 20? (Round to the nearest dollar.) Provide your answer below: $$$2042 Answer neatly with proper explanation of itA mathematical approximation called t he rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. Thus, if Mexico’s real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70 / 7) to double. Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 5 percent per year, about how long will it take Mexico’s real GDP per person to reach the level that the United States was at in 2005? (Hint: How many times would Mexico’s 2005 real GDP per person have to double to reach the United States’ 2005 real GDP per person?)
