We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries: a) human capital per worker b) productivity c) inflation rates d) physical capital per worker

We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries: a) human capital per worker b) productivity c) inflation rates d) physical capital per worker

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter23: Growth And Less Developed Countries

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Related questions

Q: The Central African Republic has a GDP of $234,000 million and a population of 4.862 million.…

A: Real GDP per capita is calculated by. dividing GDP at constant prices by the population of a country…

Q: 1. GDP is abbreviation of a) General Gross Price c) Gross Development Projects b) Gross Domestic…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: TRUE OR FALSE: Population growth in high-income countries is higher than in low-income countries.

A: Concepts: A higher income country is a natiom with higher per capita income. It implies a higher…

Q: The most commonly used measure of the economic growth of a country is which of the following? (A)…

A: Economic growth is measured by the increase production of goods and services per capita by a country…

Q: Gross domestic product (GDP) data are used as a means to measure welfare. to observe long-run growth…

A: GDP is significant since it gives information about an economy's size and health. The rate of…

Q: State using supportive research whether GDP should be used as a basis to measure a country’s…

A: GDP measures a country's value added, which is calculated as the total value of all products and…

Q: Countries are being classified/categorised based on economic, social, environmental indicators.…

A: The standard proportion of the worth added created by the creation of labor and products in a…

Q: Effective usage of Natural Resources and Technological Change is required for any economic…

A: Economic development is described as the process in which economies having low income are…

Q: Pakistan’s HDI value and rank Pakistan’s HDI value for 2019 is 0.557— which put the country in the…

A: Answer: HDI is a measure of majorly four parameters, it includes life expectancy for health,…

Q: Productivity is measured as The dollar value of a worker’s hour of work. An increase in the GDP of…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Discuss the merits and demerits of real GDP per capita a measure of a country’s living standard

A: The average national income per person that adjustable for inflation is referred to as real GDP per…

Q: As nations become more prosperous, the contribution of agriculture to gross domestic product (GDP)…

A: Economics as a subject is used to understand how efficient allocation of resources can lead to…

Q: Discuss the limitations of the use of the Gross Domestic Product(GDP) as a measurement of…

A: The total worth of products and services produced in an economy during a given time period is…

Q: Which of the following is the formula for calculating the real GDP per capita? a. Total national…

A: Real GDP is the value of goods and services measured using constant sets of prices.

Q: GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Ethiopia has a GDP of $8 billion (measured in U.S. dollars) and a population of 55 million. Costa…

A: ANS Per capita GDP is the amount of GDP shared by each individual of the country. It is obtained by…

Q: Income per capita in the poorest countries of the world is just five percent of the U.S. These…

A: When talking about the differences in the poor country and a rich country, it can be said that it is…

Q: The text makes numerous cross-country comparisons, but that does not mean that we have to restrict…

A: The table presents the data for the per capita real GDP for six states in the U.S. between 1997 and…

Q: With the use of GDP data over a 25 year period assess the main source of economic growth in Barbados…

A: Economic growth is the increment in the production rate of products and services in an economy.

Q: Research the following National Development Indicators and explain briefly: Gross Domestic Product…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Which of the following is not one of the main indicators to measure wealth in a country? Group of…

A: Wealth A collection of valuable economic resources that can be measured in real or monetary terms…

Q: A GDP deflator less than 1 indicates that an economy has experienced:

A: GDP Deflator=Nominal GDPReal GDP=P×QPb×Q=PPb GDP deflator shows the changes in the price level. So…

Q: GDP can be used for all of the following measurements, except: A) Business Cycles B) Living…

A: Gross domestic product is measures the value of goods and services produce with in the boundary of…

Q: MODIFIED TRUE OR FALSE Development indicators are statistics which are used to rank countries and…

A: When talking abou financial indicators in economics, it can be said that these are the economic…

Q: Broken window fallacy pertains to: errors in estimating the GDP figures neglect of short term…

A: In economics, the broken window fallacy refers to the economic situation when an economy is…

Q: Derive the steady-state value of output per worker in the incomplete model.

A: In the steady-state of the Solow Model, capital per worker is constant, so is output per worker. The…

Q: What is the following formula that could be used for calculating the per capita income of a…

A: According to the given question In simple words we can say that the total income or the per capita…

Q: Which of the following are the different indicators included in the Human Development Index (HDI)?…

A: The Human Development Index is a measurement that helps to evaluate the level of individual human…

Q: “The GDP of a country does provide an accurate indicator of the welfare of its citizens”

A: GDP refers to the monetary value of total output produced in the economy for a specific year. And…

Q: Based on your choice of country, analyse the following factors 1.Economic freedom of the country…

A: Economic freedom index Every person's fundamental right to govern their work and property is known…

Q: Requires: In your OWN WORDS, discuss the following terminologies & concepts: Internal Rate of…

A: The gross national product (GNP) is a calculation of the total value of all final products and…

Q: The main advantage of 'human development Index' over conventional measures such as 'gross national…

A: The Human Development index was envisaged as a more well-rounded and holistic approach to measuring…

Q: Per capita GDP is used to measure a country's standard of living. What other economic factors impact…

A: The GDP is known as gross domestic product which is the sum of all the final goods and services…

Q: Which of the following refers to those who are interested in assessing the relative standard of…

A: National income is a parameter to gauge the performance of a nation during a given period of time.…

Q: Suppose that there is a country with the following data for the year 2004: Indicator Life Expectancy…

A: The Human Development Index or HDI calculates a country's development through the four factors: mean…

Q: Cross country comparisons of GDP per capita typically use purchasing power parity equivalent…

A: Purchasing power parity (PPP) is a theory that makes the contrast of the purchasing power of…

Q: Per capita GDP can be defined as GDP per person. GDP per unit of capital. GDP per unit of…

A: GDP measures the market value of all final goods and services produced in an economy within a given…

Q: The per capita income and National Income of UAE increased over a period of time. The National…

A: National income is the total value of goods and services that a nation produces during a financial…

Q: Identify ONE way that the data in the chart illustrate global economic differences between countries…

A: The given chart shows the life expectancy at birth compared to the GDP per capita in 2005 of various…

Q: If two million new bables were born in the U.S. and if two million more immigrants came to the U.S.,…

A: Per capita GDP = Real GDP / Total population

Q: Country C had made foreign investment in countries A and B. Country C had not received any…

A: Measuring the national income is the macroeconomic term. GDP (Gross Domestic Product) is the…

Q: The population was 9.98 million in 2006 the growth rate is around 2%. Estimate the population of a…

A: The data presented in the question above is:- Population in 2006 = 9.98 million Growth rate = 2%…

Q: Which of the equations given below regarding national calculations is correct? A) GDP -…

A: Whatever formulas are given,among them only one formula is correct. Whatever national income is…

Q: If the GDP deflator is greater than 100, then A) nominal GDP is greater than real GDP. B) nominal…

A: GDP Deflator is given by the formula GDP Deflator =(Nominal GDP / Real GDP )*100

Q: We measure standards of living using GDP per capita. Using the production function, which of the…

A: Total production function shows the how each inputs determine the total output For example,…

Question

We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries:

a) human capital per worker

b) productivity

c) inflation rates

d) physical capital per worker

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Per capita GDP can be defined asGDP per person.GDP per unit of capital.GDP per unit of unemployment.GDP per employed worker.
Country A and Country B happen to have the same GDP per capita. The standard of living is said to be higher in Country A than in Country B. This could be because ________. the workforce in Country A is relatively bigger productivity is relatively greater in Country A the same goods and services are relatively more costly in Country A high income disparity in Country B prevents its GDP per capita from giving a full picture of the well-being of its people
10) True or False: Countries that currently have low real GDPs per capita are destined to always have lower living standards than countries that currently have high real GDPs per capita.
Cross country comparisons of GDP per capita typically use purchasing power parity equivalent exchange rates which are a measure of the long run equilibrium value of an exchange rate in fact we use PPP equivalent exchange rates in this model why could using this market exchange rate which sometimes change direct dramatically in a short period of time be misleading
Goods and services that are not sold in markets, such as food produced and consumed at home, are generally not included in GDP. As a result, you would expect the GDP per person in India and the United States will differ by_____ than their actual comparative economic well-being.
Select all true statements. For a country, high real per capita GDP implies a high standard of living. Countries with a high real per capita GDP tend to also have a high human development index (HDI) on average. We use real per capita GDP to measure the standard of living because consumption makes you happy. We use real per capita GDP to measure the standard of living because variables that determine welfare seem to be positively correlated with it. A higher human development index (HDI) implies a higher real per capita GDP. Countries with high real per capita GDP tend to have a population with higher level of education and higher life expectancy on average. We use real per capita GDP to measure the standard of living because money makes you happy.
Calculate per capita real GDP for Silesia for 1994 and 2019.
Countries are being classified/categorised based on economic, social, environmental indicators. Among the most common indicators of analysis within which a country is analysed and ranked are the Gross Domestic Product (GDP) and Human Development Index (HDI). As a foreign investor, which indicator (GDP and HDI) should you utilise in determining the attractiveness of a country for potential investments. Explain thoroughly.
Pakistan’s HDI value and rank Pakistan’s HDI value for 2019 is 0.557— which put the country in the medium human development category—positioning it at 154 out of 189 countries and territories. Between 1990 and 2019, Pakistan’s HDI value increased from 0.402 to 0.557, an increase of 38.6 percent. Table A reviews Pakistan’s progress in each of the HDI indicators. Between 1990 and 2019, Pakistan’s life expectancy at birth increased by 7.2 years, mean years of schooling increased by 2.9 years and expected years of schooling increased by 3.7 years. Pakistan’s GNI per capita increased by about 64.1 percent between 1990 and 2019. Table A: Pakistan’s HDI trends based on consistent time series data Life expectancy at birth Expected years of schooling Mean years of schooling GNI per capita (2017 PPP$) HDI value 1990 60.1 4.6 2.3 3,049 0.402 1995 61.5 5.0 2.8 3,206 0.426 2000 62.8 5.4 3.3 3,208 0.447 2005 64.0 5.7 4.5 3,780…
The main advantage of 'human development Index' over conventional measures such as 'gross national product' is its focus on ecological consequences of development: True or False
Real GDP per capita is often used in analyses
Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/ home.aspx) for India, Spain, and South Africa for the most recent year available: â€¢ GDP in constant international dollars or PPP â€¢ Population â€¢ GOP per person in constant international dollars â€¢ Mortality rate, infant (per 1,000 live births) â€¢ Health expenditure per capita (current U.S. dollars) â€¢ Life expectancy at birth, total (years)