Connect Online Access for Essentials of Economics
11th Edition
ISBN: 9781260521269
Author: Bradley Schiller, Karen Gebhardt
Publisher: Mcgraw-hill Higher Education (us)
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Question
Chapter 2, Problem 8QFD
To determine
Reason for the difference in per capita GDP between the U.S. and Mexico.
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Students have asked these similar questions
Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
How many times greater was the GDP in 2004 than in 1950? By how many times did the GPI increase between 1950 and 2004? What does this comparison tell you?
Use the table to answer the questions. Round your answers to the nearest cent.
Country Gross domestic product (GDP)
Population
Country A
$7 trillion
350 million
Country B
$1.25 trillion
50 million
What is the GDP per capita for Country A?
$
What is the GDP per capita for Country B?
$
Which country has the largest average GDP per capita?
Country B
Country A
Chapter 2 Solutions
Connect Online Access for Essentials of Economics
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Similar questions
- By How Much Will U.S. GDP Grow Next Year?arrow_forwardGo online and find the current GDP for countries, which are the largest countries in the world in terms of GDP. Find a PPP GDP, which are the largest countries now? Why the difference?arrow_forwardWhat factors can lead to an increase in a country's Gross Domestic Product (GDP)?arrow_forward
- What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing?arrow_forwardWhat are typical GDP patterns for a high-income economy like the United States in the long run and the short run?arrow_forwardUsing the table below, calculate the GDP per capita for Country C. Round your answer to the nearest dollar. GDP per capita GDP Population GDP per capita Country (in billions of U.S. dollars) (in millions) (in U.S. dollars) A $1,300 320 ? B $1,790 585 ? C $3,610 1,050 ? D $36,300 1,060 ? Provide your answer below: GDP per capita = $arrow_forward
- What correlation exists between exports and GDP per capita, and imports and GDP per capita?arrow_forwardThis podcast is a little more straight history than the others we will listen, so there is less obvious discussion questions. But first, what about the history and evolution of GDP did you find most interesting or surprising in this Podcast. Here is the list of countries by GDP per capita and World Happiness Report rankings. Toward the end of the podcast they talk about how GDP has become a measure of quality of life, and maybe that is incorrect. Take a look at these rankings and decide for yourself if GDP is a good proxy for quality of life. What does GDP per capita leave out making it, perhaps, not a great proxy for quality of life. GDP per capita & WHR rankingsarrow_forwardU.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?arrow_forward
- Compute the "Per capita GDP", which can be obtained by dividing the GDP for each state by that state's population. This number helps economists compare the economic activity between regions that have different population sizes. (Round your answers to nearest dollar.)arrow_forwardIn 2001, Minitown had a GDP of $293000 and a population of 1600.What was the GDP per capita in Minitown in 2001?arrow_forwardSouth Africa has a GDP of $10 billion (measured in U.S. dollars) and a population of 45 million. Ecuador has a GDP of $12 billion (measured in U.S. dollars) and a population of 4.5 million. Calculate per capita GDP for each country. Question 24 options: South Africa = $222.22; Ecuador = $2,666.67 South Africa = $22.22; Ecuador = $266.67 South Africa = $2222.22; Ecuador = $26,666.67 South Africa = $22.22; Ecuador = $2,666.67arrow_forward
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