Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Question
Chapter 2, Problem 1DQ
To determine
To find:
The biggest national economy and the reason to remain a bigger economy than other countries.
Expert Solution & Answer
Explanation of Solution
U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.
Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.
Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.
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Chapter 2 Solutions
Macroeconomics: Principles and Policy (MindTap Course List)
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