The graph below shows the standard model for economic growth.OutputperworkerВACapital perworkerOne curve represents New Zealand and the other Ghana.The country of Ghana is likely to be at pointwhile New Zealand is likely to be at pointThe improvement in output per worker due to adopting new technology could be shown asWhich of the following does the model above suggest?Oeconomic growth in New Zealand is higher than it is in GhanaOit is possible for Ghana to experience relatively high growth rates compared to New ZealandOGhana is poor due to high rates of corruption and poor infrastructureOthe only way for Ghana to raise living standards is to adopt new technology

Economic growth refers to an increase in the output of goods and services in the economy.

Answered: The graph below shows the standard…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

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Explain what the Industrial Revolution was and where it began.
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By taking into consideration the history of the Caribbean, the economic theories underpinningCaribbean development as well as the features of the typical Caribbean economy, construct ahypothetical (ideal) economic model that you consider suitable for the economic development ofthe Caribbean. Ensure that you carefully explain/justify the reasoning behind the development ofyour model.
Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…
By taking into consideration the history of the Caribbean, the economic theories underpinningCaribbean development as well as the features of the typical Caribbean economy, construct ahypothetical (ideal) economic model that you consider suitable for the economic development ofthe Caribbean. Ensure that you carefully explain/justify the reasoning behind the development ofyour model.You will now need to analyse your new model. Be sure to clearly show how your “new”model improves on the other models that exist ( charts or graphs of necessary)
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The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
Consider Romer Model 2. Suppose there are two countries, rich and poorone. Both countries have the same population size, L and the same knowledgegeneration productivity parameter, z. At the beginning, time 0, the rich countryhas more knowledge stock than the poor one, Ar0 > Ap0, where subscript labelstime and superscript labels country being rich or poor. However, the fractionof researchers in poor country is larger than the one in rich country, ̄lp > ̄lr .Question 4 Part aIn which country, would you prefer to live in the short-run? How about in thelong-run?How long would it take for the poor country to reach rich one’s per capitaoutput level? Show your results analytically and graphically as well. (If you pre-fer solving this question numerically by assigning values to the above parametersand variables, feel free to do so
Did the COVID-19 pandemic create new globalization opportunities for growth in yourCaribbean territory? YES/NOBased on your answer, write an answer that identifies those accepts that contribute to thegrowth, expansion and advancement of your local economy. On the contrary, if you do notbelieve that new opportunities were created, write an answer that identifies those acceptsthat negatively contributed to the negative growth, contraction and deceleration of our localeconomyPlease explain
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