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- 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?What policies can the government of a free-market economy implement to stimulate economic growth?What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
- An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?Explain what the Industrial Revolution was and where it began.Consider the following data for a particular country. Year 1 Population (Millions) - 400 Real GDP (Trillions of $) - 16 Year 2 Population ( MIllinois ) - 480 Real GDO ( Trillions of $ ) - 24 Instructions: Enter your answers as a whole number. a. What is the growth rate of real GDP from year 1 to year 2 -blank percent b. What is the growth rate of real GDP per capita from year 1 to year 2 -blank percent Note: Donot given direct answer
- explain 1.Orthodox or conventional economists say that to address unequal growth between the rich and thepoor, the world economy needs to grow more. Do you agree with this idea? Why or why not? 2.What does the term “de-develop” mean? Is it a positive or a negative idea? 3. According to investopdia.com, a steady-state economy is an economy structured to balance growt hwith environmental integrity, seeking to find an equilibrium between production growth andpopulation growth. This type of economy aims for the efficient use of natural resources but alsoseeks a fair distribution of the wealth generated from the development of those resources. Is thistype of economy more plausible than continued, unlimited economic growth? Why or why not?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?QUESTIONS FOR ANALYSIS 1. In what ways do these figures demonstrate an inte-grated global economy? 2. What does the GDP graph indicate about how globaleconomic integration affected the U.S. economy?Notice that Japan’s GDP growth remained strong inthe late 1970s and early 1980s. With what historicaldevelopment within the U.S. does that correspond?
- Can tle long term growth of developed country like USA be explained by growth models? What model/s? and How?An increase in the initial stock of knowledge: Suppose we have two economies—let’s call them Earth and Mars—that are identical, except that one begins with astock of ideas that is twice as large as the other: A Earth 0 = 2 × A Mars0 Te two economies are so far apart that they don’t share ideas, and each evolves as a sepa-rate Romer economy. On a single graph (with a ratio scale), plot the behavior of per capita GDP on Earth and Mars over time. What is the efect of starting outwith more knowledge?The source for this dataset is The World Bank. data.worldbank.org/indicator/NY.GDP.PCAP.CD(a) In 2022, what are the 6 richest countries in the world?(b) In 2022, what are the 6 poorest countries in the world(c) In 2022, how many times richer is the average person of the richest country thanthe average person of the poorest country in the world?2. For the countries that have data for 1960, compute the average ANNUAL growth rate ofper capita GDP between 1960 and 2022.(a) What 5 countries have grown the MOST over this period? What are their growthrates?(b) What 5 countries have grown the LEAST over this period? What are their growthrates?3. Write down some of your thoughts about WHY some countries are rich and some countriesare poor.
