The size of the US national income (GDP) in 2018 is 20.5 trillion dollars, China's 13.6 trillion dollars, Turkey's 771.4 billion dollars and 705.1 billion US dollars and Swiss. Which country by looking at these numbers? Can you evaluate that people live in more prosperity? Explain together with the reasons.

The size of the US national income (GDP) in 2018 is 20.5 trillion dollars, China's 13.6 trillion dollars, Turkey's 771.4 billion dollars and 705.1 billion US dollars and Swiss. Which country by looking at these numbers? Can you evaluate that people live in more prosperity? Explain together with the reasons.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...

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Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.
Economics 2. Assume that the total hours of work in Mexico are 200 in the year 2019 and the productivity is $8 per hour worked. Determine the real GDP of Mexico in 2019. If the total hours worked is 210 in the year 2020 and the productivity is $10 per hour worked in the year 2020. What is the economic growth rate of the GDP of Mexico in 2020?
6. Suppose an economy starts with a GDP of $100m. If the economy grows at a rate of 7.5%, how much the economy will grow in 15 years? ( Show the formula and your full works and).
9 why is it necessary to adjust changes in nominal gross domestic product for changes in prices and changes in population, Computing real per capita GDP before using it as a measure of economic growth
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7. Which of the following is a measure of output share an average person will get if the total output of an economy divides evenly among the total population? a.Real GDP b.Per capita GDP c.The capital stock of the economy d.The economic growth of the economy
7. If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it take, in years, to double the standard of living in the country as measured by economists? (Round your answer to include 2 decimal places.)
1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
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7- Developing countries all over the world are concerned about how to improve their National Income and Per capita Income. Which central economic problem is this related to? a. How to produce the goods and services? b. What goods and services to be produced? c. How to achieve economic growth? d. For whom to produce?
1. China has a greater GDP value than Canada. Their national GDP is currently 2nd in the world. Why might Canada still be better off in terms of Standards of Living? a) All of the following are correct statements. b) Canada's spending on GDP has a greater percentage going towards health, education and social welfare programs. c) Canada's economic growth has been more environmentally friendly and has caused less damage to their environment. d) There is less extremes between those who have money and those who do not. Hence the wealth in Canada is more evenly spread out when compared to China. e) Canada has a smaller population so our GDP per capita is greater.
Use the following information to work Problems 1 and 2. China’s growth rate of real GDP in 2005 and 2006 was 10.5 percent a year and its population growth rate was 0.5 percent a year. 1. If these growth rates continue, in what year would real GDP be twice what it was in 2006? If these growth rates continue, in what year would real GDP per person be twice what it was in 2006?