MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
10th Edition
ISBN: 9781337739115
Author: Tucker
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 19SQ
To determine
The impact of equal increase in population and real income on real
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Suppose a country's real GDP is $18 trillion and the population is 400 million.
Instructions: Enter your answers as a whole number.
a. What is this country's real GDP per capita?
b. Suppose that during the next 10 years, real GDP doubles and the population triples. At the end of this 10-year period, what will
be its real GDP per capita?
2$
if A's GDP is higher than country's B GDP, does it follow that country A has a higher per capita GDP than country B?
Suppose a country's real GDP is $14 trillion and the population is 200 million.
Instructions: Enter your answers as a whole number.
a. What is this country's real GDP per capita?
b. Suppose that during the next 10 years, real GDP increases by 50 percent and the population triples. At the end of this 10-year
period, what will be its real GDP per capita?
2$
Chapter 17 Solutions
MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
Ch. 17.2 - Prob. 1GECh. 17.2 - Prob. 2GECh. 17 - Prob. 1SQPCh. 17 - Prob. 2SQPCh. 17 - Prob. 3SQPCh. 17 - Prob. 4SQPCh. 17 - Prob. 5SQPCh. 17 - Prob. 6SQPCh. 17 - Prob. 7SQPCh. 17 - Prob. 8SQP
Ch. 17 - Prob. 9SQPCh. 17 - Prob. 10SQPCh. 17 - Prob. 11SQPCh. 17 - Prob. 12SQPCh. 17 - Prob. 1SQCh. 17 - Prob. 2SQCh. 17 - Prob. 3SQCh. 17 - Prob. 4SQCh. 17 - Prob. 5SQCh. 17 - Prob. 6SQCh. 17 - Prob. 7SQCh. 17 - Prob. 8SQCh. 17 - Prob. 9SQCh. 17 - Prob. 10SQCh. 17 - Prob. 11SQCh. 17 - Prob. 12SQCh. 17 - Prob. 13SQCh. 17 - Prob. 14SQCh. 17 - Prob. 15SQCh. 17 - Prob. 16SQCh. 17 - Prob. 17SQCh. 17 - Prob. 18SQCh. 17 - Prob. 19SQCh. 17 - Prob. 20SQ
Knowledge Booster
Similar questions
- Why do you think most western countries GDP has not grown as fast as China's GDP over the last 10 years? If you were in charge of trying to make a country like Spain's economy grow faster what would you do?arrow_forwardZ. 1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your workarrow_forwardBrazil’s real GDP was 1,520 trillion reais in 2011 and 1,585 trillion reais in 2012. Brazil’s population was 195 million in 2011 and 196.5 million in 2012. Calculate a. The growth rate of real GDP b. The growth rate of real GDP per person c. The approximate number of years it takes for real GDP per person to double when the real GDP growth rate and the population growth rate are maintained.arrow_forward
- GDP and GDP per-capita. a. Explain the difference between GDP and Per Capita GDP; b. Explain how to calculate Per Capita GDP, and how Per Capita GDP can be used.arrow_forwardThe growth rate of potential GDP is not affected by a. the growth rate of the labor force. b. environmentalists’ ability to pass regulations. c. the rate of technological progress. d. the growth rate of a nation’s capital stock.arrow_forwardAustralia's real GDP was $A1,730 in 2017 and $A1,782 in 2018. Australia's population was 24.6 million in 2017 and 25.0 million in 2018. Calculate a. The growth rate of real GDP. b. The growth rate of real GDP per person. c. The approximate number of years it will take for real GDP per person in Australia to double if the current real GDP growth rate and population growth rate are maintained.arrow_forward
- Please give me correcta and incorrect answer Explanation Look at the data plotted in the graph. Each blue diamond represents a country. Which of the following statements best explains the relationship between per capita income and the HDI?Choose one: A. As per capita income increases, development increases at a constant rate. B. As per capita income increases, development increases at an increasing rate. C. As per capita income decreases, development decreases. D. As per capita income increases, development increases at a decreasing rate.arrow_forwardI. Nominal GDP and Nominal GDP per capita can best measure the quality of living and standard of living II. Real GDP and Real GDP per capita can best measure quality of living and standard of living III. To compare the standard of living across countries and across time, some correction is needed to account for exchange rates and price changes/differences IV. While useful, GDP is a limited metric in the measurement of the quality of living and the standard of living O All Statements are true Only Statements III and IV are true Only Statements II and III are true Only Statements I and III are true All Statements are falsearrow_forwardEconomists measure economic growth as the a. percentage change in GDP deflator b. percentage change in real GDP c. absolute change in real GDP d. percentage change in nominal GDParrow_forward
- The table below describes the real GDP and population of a fictional country in 2017 and 2018. Population 2.0 million Year Real GDP 2017 $14 billion 2018 $15 billion 2.1 million Instructions: Round your answers to the nearest whole number. a. The real GDP per capita in 2017 is: The real GDP per capita in 2018 is: b. The growth rate of real GDP is: c. The growth rate in population is: d. The growth rate in real GDP per capita is:arrow_forwardWhich of the following refers to those who are interested in assessing the relative standard of living in different countries over a given period? a.Percentage change in nominal GDP b.Population c.Per capita GDP. d.Nominal GDParrow_forwardrelate the terms: increase, growth.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning