Pearson eText Economics -- Instant Access (Pearson+)
13th Edition
ISBN: 9780136879459
Author: Michael Parkin
Publisher: PEARSON+
expand_more
expand_more
format_list_bulleted
Question
Chapter 21, Problem 24APA
To determine
Determine why the data reported might be a poor indicator of the difference in economic welfare.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
According to the figure showing 2020 GDP for selected countries, how much larger (in percentage terms) is America’s GDP than:
a. Great Britain?
b. Haiti?
According to the figure showing 2020 GDP for selected countries, how much larger (in percentage terms) is America's GDP than:
21.43
14.34
5.08
United China Japan
States
b. Russia?
% larger
Copyright © McGraw Hill LLC. Permission required for reproduction or display.
GROSS DOMESTIC PRODUCT (in U.S. $ trillion)
% larger
3.86
2.87
2.83
1.70
1.27
Germany India Great Britain Russia Mexico
Source: Gross Domestic Product 2020. The World Bank Group, March 2021
0.53
Sweden
Instructions: Round your responses to the nearest whole number.
a. Germany?
0.21
Greece
0.01
Haiti
Consider the following national accounts data for Westeros:
Westeros' National Accounts (2019)
GDP Item
(S billions)
Corporate income
140
Еxports
50
Wages and salaries
550
Net international income to the rest of the
8
world
Gross investment
160
Government purchases
184
Indirect taxes
75
Personal consumption
500
Imports
27
Depreciation
79
Proprietors' incomes and rents
Which is the following is the income-based estimate of GDP for Westeros?
65
$909 billion
$751 billion
$558 billion
$939 billion
Chapter 21 Solutions
Pearson eText Economics -- Instant Access (Pearson+)
Ch. 21.1 - Prob. 1RQCh. 21.1 - Prob. 2RQCh. 21.1 - Prob. 3RQCh. 21.2 - Prob. 1RQCh. 21.2 - Prob. 2RQCh. 21.2 - Prob. 3RQCh. 21.2 - Prob. 4RQCh. 21.2 - Prob. 5RQCh. 21.3 - Prob. 1RQCh. 21.3 - Prob. 2RQ
Ch. 21.3 - Prob. 3RQCh. 21.3 - Prob. 4RQCh. 21.3 - Prob. 5RQCh. 21 - Prob. 1SPACh. 21 - Prob. 2SPACh. 21 - Prob. 3SPACh. 21 - Prob. 4SPACh. 21 - Prob. 5SPACh. 21 - Prob. 6SPACh. 21 - Prob. 7SPACh. 21 - Prob. 8SPACh. 21 - Prob. 9APACh. 21 - Prob. 10APACh. 21 - Prob. 11APACh. 21 - Prob. 12APACh. 21 - Prob. 13APACh. 21 - Prob. 14APACh. 21 - Prob. 15APACh. 21 - Prob. 16APACh. 21 - Prob. 17APACh. 21 - Prob. 18APACh. 21 - Prob. 19APACh. 21 - Prob. 20APACh. 21 - Prob. 21APACh. 21 - Prob. 22APACh. 21 - Prob. 23APACh. 21 - Prob. 24APACh. 21 - Prob. 25APACh. 21 - Prob. 26APACh. 21 - Prob. 27APACh. 21 - Prob. 28APA
Knowledge Booster
Similar questions
- Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/ home.aspx) for India, Spain, and South Africa for the most recent year available: • GDP in constant international dollars or PPP • Population • GOP per person in constant international dollars • Mortality rate, infant (per 1,000 live births) • Health expenditure per capita (current U.S. dollars) • Life expectancy at birth, total (years)arrow_forwardEthiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.arrow_forwardHow might you measure a green GDP?arrow_forward
- The Czech Republic has 3 GDP of 1,800 billion koruny. The exchange rate is 25 koruny/U.S. dollar. The Czech population is 20 million. What is the GDP per capita of the Czech Republic expressed in U.S. dollars?arrow_forwardList some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.arrow_forwardUse the following table to answer the next question. The following national income data for an economy is in billions of dollars. Net foreign factor income $8 Corporate profits 47 Gross private domestic investment 73 Proprietors' income 46 Dividends 13 Consumption of fixed capital 41 Social Security contributions 10 U.S. exports 23 Government purchases 97 Personal consumption expenditures 314 Transfer payments 27 Imports of the U.S. 24 Personal taxes 46 Corporate income taxes 23 Taxes on production and imports 50 Interest Undistributed corporate profits Statistical discrepancy Gross domestic product in this economy is 16 11 66arrow_forward
- Use the table to find GDI, GDP, gross private domestic investment, personal income, and personal disposable income. (All amounts in trillions of dollars.) Profit Indirect business taxes 2.8 .8 Rent .7 Interest Wages .8 8.2 Depreciation Consumption Government spending 1.3 11.0 1.8 Imports 1.7 Social Security contributions 2.0 Exports 1.5 Government transfer payments 2.0 Personal income taxes and nontax 1.7 payments Corporate taxes and retained .5 earnings GDI = 14.6 GDP = 14.6 ' , gross private domestic investment = 2, personal income = 12, personal disposable income= 10.3 Fill in numbers only; one decimal place; e.g. 10.0arrow_forwardThe country of Sportstown produces two goods: footballs and basketballs. Below is a table showing prices and quantities of output for three years: Quantity of Basketballs Year Price of Quantity of Footballs Price of Footballs Basketballs Year 1 $10 120 $12 200 Year 2 12 200 15 300 Year 3 14 180 18 275 Nominal GDP in Year 1 = Nominal GDP in Year 2 = Nominal GDP in Year 3 =arrow_forwardBased on the graph, how many recessions has France economy undergone over the years plotted in the chart? Remember shaded areas shows recession. What are the two biggest recessions in terms of length and magnitude? 2020 is not included.arrow_forward
- Use the data on real GDP in the following table to answer the questions. Country Mexico France 2017 2018 2019 $4,553 $4,632 $4,630 5,432 5,531 5,613 United States 17,432 18,144 19,092 Note: All values are in billions of domestic currency at constant prices. Source: International Monetary Fund, World Outlook Database, January 2021. The country that experienced the highest rate of economic growth during 2018 is percentage rounded to two decimal places.) The country that experienced the highest average annual growth rate between 2018 and 2020 is (Enter your response as a percentage rounded to two decimal places.) 2020 $4,228 5,145 18,423 The country that experienced the largest percentage decline in real during 2020 is rounded to two decimal places and include a minus sign.) with a growth rate of %. (Enter your response as a with an average annual growth rate of with a growth rate of % (Enter your response as a percentage Time Remaining: 02:07:08 Nextarrow_forwardConsider the data in the following table, which represents the total production of the country Byzantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y 100 105 103 Quantity of X 5 3 1 Price of Y $5 $5 $5 Price of X $100 $105 $110 1. Calculate the nominal GDP for all three years ( 2. Calculate real GDP for all three years, using 2018 as the base year 3. Calculate the GDP deflator, using 2018 as the base year. Identify whether there was inflation from the previous year (*arrow_forwardThe following data pertains to the economy of Ghana for the year 2018; GHc’000,000 Exports of goods and services 18 Depreciation of fixed capital 12 Government purchases of goods and services 60 Indirect business taxes 15 Net private domestic investment 53 Transfer payments 14 Imports of goods and services 17.5 Personal taxes 41.5 Net foreign factor income earned in Nigeria. 3.1 Personal consumption expenditures 224.2 compute the following economic statistics in relation to the economy 1. Gross domestic product 2. Gross National Product 3. Net national product 4. National income 5. Personal income 6. Disposable personal incomearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning