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?

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: If personal income is the currently the same in two countries "India" and "China," but India has a…

A: Personal income is the amount of money collectively received by the inhabitants of a country.

Q: Why might high levels of inequality lead to lower rates of growth and development? Why might it be…

A: A country with high initial inequality has a lower rate of income distribution that is equally…

Q: An emerging country has a real GDP of $1553.1 billion. After one year, real GDP has grown to $1677…

A: Real GDP is the money value of all final goods and services produced in an economy corrected for…

Q: if a nation has a population of 100 million, a labor force of 60 million, GDP of $100 billion , then…

A:

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: Discuss the factors that determine whether the standard of living in a country will be high or low.…

A: In economics, the standard of living refers to the basic amenities which are available to the people…

Q: If in 2008 China’s real GDP is growing at 9 percent a year, its population is growing at 1 percent a…

A: The number of years taken to double the GDP per person can be calculated by using the rule of 70.…

Q: why would removing a trade restriction,such as a tariff , lead to more rapid economic growth?

A: The trade is, in some ways, a type of technology that can stimulate the same kind of economic growth…

Q: Look around you and try to identify ten (10) objects/items that you may consider as evidences of…

A: Economics deals with the effective allocation of scarce resources to satisfy the unlimited wants of…

Q: Economic growth means an increase in the ability of an economy capable to produce goods and…

A: Economic growth and development are the major goals of every country.

Q: Do you expect that China, then India, will follow the growth paths of Japan and South Kora? What…

A: Economic growth of a country is the increase in the inflation-adjusted price value of goods and…

Q: Does a country need to be well endowed with natural resources in order to experience rapid long-term…

A: Economic growth refers to the increase in the amount of goods and services produced in the economy.…

Q: Economists differ in their views of the role of the government in promoting economic growth. At the…

A: Economists have different views on the role of the government in the economy. Some economists argue…

Q: How has the process of economic development been similar in Japan, South Korea, Taiwan, and China…

A: The economic rise of China and also the growing network of trade and investment relations in…

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: Most of less developed countries have achieved higher economic growth during the past ten years, but…

A: Underdeveloped countries are characterized by the low level of economic development and standard of…

Q: Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long…

A: Gross Domestic Product and How It Changes GDP is in a steady state when it normally has reached a…

Q: Two countries start with the same real GDP per capita. Country A’s real GDP per capita is growing at…

A: Country B real GDP per capita same as country A-6.6% After 140 years,it would be 6.6*4=26.4

Q: Graphically explain the economy’s production possibility curve in terms of economic growth.

A: (Q) Graphically explain the economy’s production possibility curve in terms of economic growth.

Q: In the mid-1990s, it appeared that productivity growth increased substantially in the U. S, economy.…

A: The economy of the United States of America (US) experienced around 25 years of sluggish gains…

Q: In 2018, according to the International Monetary Fund, India had the world’s 7th-highest nominal…

A: The real and nominal GDP are the macroeconomic components that show the value of all the final goods…

Q: Discuss how money contributes to economic growth and\or development? Explain in detail.

A: Answer to the question is as follows:

Q: If a country has a per capita GDP of $5,200 and it grows at a 6% annual rate. How long will it take,…

A: Per capita GDP measured the standard of living of a country.  Per capita GDP is $5200 Annual growth…

Q: Which of the following would lead to an increase in real GDP per capita all other things equal? * a…

A: Real GDP per capita = (Real GDP / Population) Real GDP = Base year price * Current year output.…

Q: Explain the determinants of productivity. (Word count: 250 words max.)   Many countries import…

A: a) Determinants of productivity are  1) Human capital: Human capital is the knowledge and skill set…

Q: How economic development influence the productivity in a certain country? What is a growing economy…

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

Q: improvement in the productivity of labor will tend

A: The productivity of labor refers to the number of goods and services produced by the labor at a…

Q: a technological advancement in sector “ X” of the economy affect the number of people who work in…

A: Technology advancement create various changes in the labour force. Sometimes it create more job…

Q: Would you rather live in a nation with a high per capita GDP and low growth rate, or in a nation…

A: Answer in Step 2

Q: Many countries, including Pakistan, import substantial amounts of goods and services from other…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Understanding of growth is important because it means that the country wants to grow in which region…

A: Economic growth refers to an increase in the value of goods and services produced in the economy…

Q: Mention two factors which cause the rapid growth in population in South Africa

A: South Africa is a nation of 60 million people (estimated). It is very interesting to know that its…

Q: Why capital formation and technical progress is a source of economic growth

A: Meaning of Economic Growth: The term economic growth refers to the growth towards the internal…

Q: Differences in which of these variables do NOT prevent countries from converging to the same steady…

A: The convergence hypothesis predicts that as countries go from early industrialization to complete…

Q: According to 2019 data, Japan will continue to be the most aged country in the world until 2050.…

A: In Japan, it is said thatthe labor force will decrease by 13 million by 2040.

Q: THREE reasons why a country economy is not productive and there is no economic growth. Ensure that…

A: Economy: It refers to the region or a state where the population stays or where the resources are…

Q: If economic output is increased by increasing the number of people working in the economy, then *

A: It is said that the economy increases it output , by increasing the labors in the economy .

Q: Which of the following statements about economic growth is false Select one: O a. Economic growth…

A: Economic growth refers to the situation when an economy generated relatively more output than…

Q: Say that the average worker in Canada has a productivity level of $30 per hour while the average…

A: Labor productivity is also known as work force productivity. It is defined as the amount of goods…

Q: What measure of economic development that is used most often to classify nations as industrially…

A: Real per capita income is one of the major economic development that is used most often by the…

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: Over a ten year period, country A and Country B had the same saving rates, but the result of the…

A: Economic growth of a country judged through GDP growth rate. The components of GDP are Consumption…