The overall cost of living is a lot less in China than it is in the USA or Europe. Why might this be?

Q: Suppose there are two countries, India and Bangladesh. In country India, Real GDP grows by 3 percent…

A: Economic Growth is the increase in the output or production of goods and services in the country…

Q: Which of the following are myths about the U.S. economy? Check all that apply. A. The United States…

A: The tax revenue in America is around 24% of GDP and America is the largest consumer market.

Q: Which component(s) of U.S. real GDP decreased in size relative to total U.S. real GDP from 1900 to…

A: Usually the sectors of economy are divided into following parts : agriculture, industrial and…

Q: if A's GDP is higher than country's B GDP, does it follow that country A has a higher per capita GDP…

A: Gross domestic product (GDP) is the monetary value of all final goods and services produced within a…

Q: explain the reason why, the more developed a country is, the bigger business sector engaged in…

A: Concepts: 1)A developed country is an economy that enjoys a higher level of income and a better…

Q: How did De Beers acquire a monopoly in the market for diamond? b) How did De Beers increase the…

A: Monopoly refers to a situation where a single firm possesses a dominant power over the entire…

Q: Which country has the higher GDP per capita measured in purchasing power, India or Mexico? a.…

A: PPP is the purchasing power parity that measures the purchasing power of one currency in terms of…

Q: One of the key factors that determine an economy's real GDP i labor productivity, which is a measure…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: entrepreneurs, freedom, opportunity, and a little bit of money are to economic growth and…

A: The correct answer is given in the second step.

Q: compare adam smiths view of a nations wealth with that of modern economists who rely on gross…

A: A capitalist economy is a free market economy where the market forces of demand and supply determine…

Q: In order to improve living standards for future generations, the economy must sacrifice…

A: In an economy, the government needs to implement various policies and programs to improve the…

Q: what aggregate production function elements are most important in bringing about growth in GDP per…

A: GDP (Gross Domestic Product): It shows the production of goods and services in an economy which is…

Q: "Indonesia's economy grew at its fastest pace in six years in the fourth quarter of 2010, and…

A: With a population totaling around 240 million individuals, Indonesia is the fourth-largest country…

Q: The Real GDP for a country is $450 million in 2020. The population of the country is 125 million as…

A: Real GDP is the value of final goods and services produced in the economy within a given period of…

Q: What are the factors that can influence a country’s standard of living?

A: Standard of living indicates the degree of wealth or availability of material goods and services to…

Q: Why do some national economies grow faster than other national economies?

A: A realm in which items and services are produced, distributed, traded, and consumed by diverse…

Q: What is the Measure of per Capital Real GDP so important? If an economist judges the welfare of the…

A: Per capita real GDP is important because it measures the average income of people.

Q: In what role do you think does savings and investments play in the economy? Explain your answer. In…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Why is GDP per capita is not the same as Economic well-being?

A: "GDP is the market value of all the final goods and services produced in an economy at a given…

Q: Why is the economy a significant driver of development? How does this happen?

A: The economy consists of the combination of all the activities that take place in a country, for…

Q: In macroeconomics, the connection from inputs to outputs for the entire economy is called…

A: Aggregate demand refers to the total amount of goods and services that are produced and are ready…

Q: GDP increased from $

A: GDP is an important macroeconomic measure of growth that is used to determine the total aggregate…

Q: If output rises by 35 percent while hours of work increase by 40 percent, has productivity increased…

A: ANS Let the initial output be Y and the initial hours worked be H. Productivity is the amount of…

Q: Two students are discussing the pros and cons of different measures of economic development.  “GDP…

A: The productivity of a nation's workforce gives an idea of the amount of output produced with the…

Q: Country Real GDP (millions of dollars) Population (millions of people) Country A $3,850 9.05…

A: The gross domestic product(GDP) of a country represents the total output produced by the country. It…

Q: Why is China still poor in per capita terms despite having the second-largest economy in the world…

A: China has large number of population China comes at number 1 place in all the countries of the world…

Q: In Investment in Human Capital (1962) paper by Gary Becker, what were his key findings and why was…

A: Most people associate capital with a bank account, a hundred shares of IBM stock, assembly lines,…

Q: Which of the following represents people who are willing and able to work in an economy? a.…

A: In an economy, the measurement of employment and unemployment depends upon the population of a…

Q: Which statement regarding The future economic situation of the United States is most accurate? Which…

A: Economic system: It refers to the system under which government try to allocate resources. The…

Q: What do economists mean when they refer to improvements in technology?

A: Factors of productions are referred to the inputs that are used in the process of production to…

Q: The study of economics is very important because it

A: According to the OECD (Organisation for Economic Co-operation and Development), unemployment is…

Q: What cause GDP per capita to be low compare to its GDP

A: The GDP is the sum of the final value of the domestic value of goods and services which are produced…

Q: If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it…

A: GDP refers to the value of all final goods and services produced in an economy over a given period…

Q: How can you explain that the per capita GDP has been almost multiplied by three in WE from 1820 to…

A: In the beginning of 1820 Ottoman empire was scarce in labour and capital but it had ample amount of…

Q: Which of the following is not an “acronym” economy?

A: An acronym is a word shaped by contracting an expression by joining specific letters of words in the…

Q: lent in the appropriate category. euch state GDP grows faster GDP grows slower when rule of law is…

A: The movement of GDP, a measurement of economic growth, depends upon the economic factors and…

Q: The majority of the countries have saving rates that are below the golden rule level. Why is it…

A: The per capita capital is the ratio of total capital to output. It means the rise in output results…

Q: Suppose country A has a GDP of 4000 with a population size of 200; country B has GDP of 9000 with a…

A: Here we calculate the which country is more likely have better living standard by calculating the…

Q: Consider two countries. Country A has a population of 1,000, of whom 800 work 8 hours a day to make…

A: Let us consider both the countries one by one.   Country A :- Population = 1000 Number of workers =…

Q: During the course of the twentieth century, the average workweek in the United States has gotten…

A: The total monetary or market value of all finished goods and services produced within a country's…

Q: If a nation's real GDP is growing by 6 percent per year, its real GDP will double in approximately…

A: We shall use the concept called as Rule of 70. To estimate a the time it would take for the nation's…

Q: Why is "Investment is the key to economic progress"?

A: Changes in investment shift the total interest bend to the right or left by a sum equivalent to the…