Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $1300 per year. Since your friend knows that Slovenia’s GDP per capita is approximately $26 000, he suggests that Slovenians are materially 20 times better off than the people of the African nation. Is your friend’s statement accurate?

Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $1300 per year. Since your friend knows that Slovenia’s GDP per capita is approximately $26 000, he suggests that Slovenians are materially 20 times better off than the people of the African nation. Is your friend’s statement accurate?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 19RQ: What do economists mean when they refer to improvements in technology?

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Case: Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $1300 per year. Since your friend knows that Slovenia’s GDP per capita is approximately $26 000, he suggests that Slovenians are materially 20 times better off than the people of the African nation. 5. Does this mean that residents of the African nation are actually as well off materially as residents in Slovenia?
QUESTION 11 Absolute advantage simply compares the productivity of a worker: In leaner years. To the productivity of capital. In one year to that same worker in a different year. Between countries. All of the above
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Scenario: Country A has one of the highest real GDP while Country B has one of the highest real GDP per capita in the world respectively. Question - What does this tell us, about the well-being of the residents of Country A and B? Give an example of a country to support your answer.
What do economists mean when they refer to improvements in technology?
In 1980, Denmark had a GDP of $90 billion (measured in US dollars) and a population of 6.1 million. In 2000, Denmark had a GDP of $150 billion (measured in US dollars) and a population of 6.2 million. By what percentage did Denmark's GDP per capita rise between 1980 and 2000? Question 23 options: 205% 144% 64% 120%
According to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in North America? Latin America? Africa?
Course: Macroecomonics Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic activity consists of either gathering pineapples or fishing. We know Steve can catch four fish in one hour or harvest two baskets of pineapples. In the same time Craig can reel in two fish or harvest two baskets of pineapples. Questions: If they each spend four hours a day fishing and four hours a day harvesting pineapples, how many of each will Steve produce? How many will Craig produce? What will their total production be?
Question 4 Explain the determinants of productivity. (Word count: 250 words max.) Many countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts? (Word count: 250 words max.)
Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.) Part B: Calculate the opportunity cost of producing jeans for each country. (Show your work.) Part C: Calculate the opportunity cost of producing cell phones for each country. (Show your work.) Part D: Determine how many jeans should be produced by each nation. (Show your work). Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your…
Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information.Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Part B: Calculate the opportunity cost of producing jeans for each country.Part C: Calculate the opportunity cost of producing cell phones for each country.Part D: Determine how many jeans should be produced by each nation.Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your explanation.Part F: Finally, how many total jeans and cell phones will be produced by…
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