Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 20, Problem 33P
An economy starts off with a
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An economy starts off with a GDP per capita of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3% for 10 years? 3% for 30 years? 6% for 30 years?
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Chapter 20 Solutions
Principles of Economics 2e
Ch. 20 - Explain what the Industrial Revolution was and...Ch. 20 - Explain the difference between property rights and...Ch. 20 - Are there other ways in which we can measure...Ch. 20 - Assume there are two countries: South Korea and...Ch. 20 - What do the growth accounting studies conclude are...Ch. 20 - What policies can the government of a free-market...Ch. 20 - List the areas where government policy can help...Ch. 20 - Use an example to explain why, after periods of...Ch. 20 - Would the following events usually lead to capital...Ch. 20 - What are the advantages of backwardness for...
Ch. 20 - Would you expect capital deepening to result in...Ch. 20 - Why dues productivity growth in high-income...Ch. 20 - How did the Industrial Revolution increase the...Ch. 20 - How much should a nation be concerned if its rate...Ch. 20 - How is GDP per capita calculated differently from...Ch. 20 - How do gains in labor productivity lead to gains...Ch. 20 - What is an aggregate production function?Ch. 20 - What is capital deepening?Ch. 20 - What do economists mean when they refer to...Ch. 20 - For a high-income economy like the United States,...Ch. 20 - List some arguments for and against the likelihood...Ch. 20 - Over the past 50 years, many countries have...Ch. 20 - Labor Productivity and Economic Growth outlined...Ch. 20 - Change in labor productivity is one of the most...Ch. 20 - Refer back to the Work It Out about Comparing the...Ch. 20 - Education seems to be important for human capital...Ch. 20 - Describe some of the political and social...Ch. 20 - Why is investing in girls education beneficial for...Ch. 20 - How is the concept of technology, as defined with...Ch. 20 - What sorts of policies can governments implement...Ch. 20 - As technological change makes us more sedentary...Ch. 20 - An economy starts off with a GDP per capita of...Ch. 20 - An economy starts off with a GDP per capital of...Ch. 20 - Say that the average worker in Canada has a...Ch. 20 - Say that the average worker in the U.S. economy is...
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- If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%arrow_forwardAssume GDP per capita in constant dollars was $30,250 for 2003 and $40,000 for 2004. In this case, the economy's growth rate would be ___%arrow_forwardIf the growth rate in an economy is 2%, its GDP will double in about: 48 years. 140 years. 70 years. 35 years.arrow_forward
- In a country, if the growth rate of RGDP per person is 5%, how long it will take to double its RGDP per person?arrow_forwardIf the growth rate of real GDP rises from 3% to 4% per year, then the number of years required todouble real GDP will decrease from (please explain how to do this)arrow_forwardHow does a nation energy consumption an indicator of an economic growth?arrow_forward
- If Japan has 4.5% per capita growth in GDP, how many years will it take for the country to triple its per capita GDP? At what growth rate should the country targets if it aimed to double its per capita GDP in 8 years?arrow_forwardCountry Alpha and Country Beta initially have the same realGDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta. a)triple b)double c)one-half d)one-fourtharrow_forwardIn year 0, Country A has a real GDP per capita of $1,600. If Country A grows at a constant rate of 6% per year and Country A's population remains constant, what is Country A's real GDP per capita by year 20? (Round to the nearest dollar.) Provide your answer below: $$$2042 Answer neatly with proper explanation of itarrow_forward
- if people in it in poverished nation are faced with life and death survival decisions what is the relevance of sustaining at least a 2% rate of economic growtharrow_forwardA lower income economy starts off with a per capita GDP of $5,000. How large will the per capita GDP be if it grows at an annual rate of 2% for 10 years? 2% for 30 years? 4% for 10 years? 4% for 30 years? Explain why the difference between 2% and 4% growth matters?arrow_forwardIf real income per person was $47,210 in the U.S. in 2010, and $55,860 in 2014, what was the annual growth rate over this time period?arrow_forward
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