EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 25, Problem 1MCQ
To determine
To find:
If real GDP increases from $5 billion to $5.25 billion and the population increases from $2 million to $2.02 million, the value by which the real GDP per person would increase.
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Last year, real GDP per person was $4,200. The year before it was $4,000. By what percentage did real GDP per person grow during the period?
a. 200 percent
b. 10 percent
c. 5 percent
d. 50 percent.
Suppose a country's real GDP is $18 trillion and the population is 400 million.
Instructions: Enter your answers as a whole number.
a. What is this country's real GDP per capita?
b. Suppose that during the next 10 years, real GDP doubles and the population triples. At the end of this 10-year period, what will
be its real GDP per capita?
2$
For each part below, determine whether the following actions will increase or decrease productivity, and name the component of
productivity that each affects.
a. The local government builds a new school.
b. Teachers in the new school hold classes for young
students.
c. A manufacturer installs robots on its assembly line.
d. A research team designs a more efficient system of
irrigation.
e. A soda company discovers a new source of underground
water that can be used to make its products.
f. A professor writes a new and improved economics
textbook.
g. A large number of people have less access to health
care.
h. A worker receives on-the-job training to be a
mechanic.
Impact on productivity
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Component of
productivity
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Physical capital
Technology
Human capital
Natural resources
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Chapter 25 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 25 - Prob. 1SPPACh. 25 - Prob. 2SPPACh. 25 - Prob. 3SPPACh. 25 - Prob. 4SPPACh. 25 - Prob. 5SPPACh. 25 - Prob. 6SPPACh. 25 - Prob. 7SPPACh. 25 - Prob. 8SPPACh. 25 - Prob. 9SPPACh. 25 - Prob. 10SPPA
Ch. 25 - Prob. 11SPPACh. 25 - Prob. 12SPPACh. 25 - Prob. 1IAPACh. 25 - Prob. 2IAPACh. 25 - Prob. 3IAPACh. 25 - Prob. 4IAPACh. 25 - Prob. 5IAPACh. 25 - Prob. 6IAPACh. 25 - Prob. 7IAPACh. 25 - Prob. 8IAPACh. 25 - Prob. 9IAPACh. 25 - Prob. 10IAPACh. 25 - Prob. 1MCQCh. 25 - Prob. 2MCQCh. 25 - Prob. 3MCQCh. 25 - Prob. 4MCQCh. 25 - Prob. 5MCQCh. 25 - Prob. 6MCQCh. 25 - Prob. 7MCQCh. 25 - Prob. 8MCQ
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- The table provides some data on real GDP and the population of Iberia in 2019 and 2020 If the growth rates of 2020 are maintained in future years, when will real GDP per person in Iberia double? If the growth rates of 2020 are maintained in future years, real GDP per person in t Iberia will A. double by 2055 B. double after 70 years C. double by 2090 D. never double unless the population stops growing Year 2019 2020 Real GDP (billions of pesos) 180,000 185,436 Population (billions) 300 303arrow_forwarda.Explain in detail, what we could do to avoid each of those 5 factors causing our GDP growth rates to fall. b. Please explain 5 factors that might contribute to rising U.S. GDP growth rates. c. Explain in detail, what we could do to cause each of the 5 factors to happen and cause our GDP growth rate to increase.arrow_forward2. a. Calculate the growth rate of economy for the year 2019 (one digit after point is sufficient in the calculation [for example 40.1%]) 2. b. If the population of the country is constant and equals to 200 people, calculate GDP per capita for the year 2018 and 2019. 2 c. An increase in GDP per capita number, does necessarily show welfare increases in the majority of the people who lives in the country? Explain. Country Name Year Exports Consumption Investment Net Exports Government Expenditure Imports Cambodia 2018 61.315 75.209 23.341 -1.699 4.904 63.014 Cambodia 2019 67.209 81.655 26.660 -1.512 5.288 68.721arrow_forward
- If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the grwoth rate of real GDP per person? The growth rate of real GDP person person is ____ percent.arrow_forwardHow so gains in worker productivity lead to gains in per capita GDP? A. as workers produce, their wages will rise and they will have more disposable income for consumption, leading to a rise in GDP per Capita. B.The amount a worker can produce and that worker's income are exactly equal so that these numbers stay the same. C.The amount a worker can pproduce and that workers's income are not always exactly equal, so these numbers may differ. D. An aggregate production function describes the input of an entire economy based on various outputs such as capital, labor and technology.arrow_forwardPolicy makers In the Canadian government have long tried to write laws that encourage growth In per capita real GDP. These laws typically do one of three things: a. They encourage firms to Invest more in research and development in order to boost technology. b. They encourage Individuals to save more In order to boost the physlcal capital stock. c. They encourage individuals to Invest more in education In order to boost the stock of human capital. For each of the above three points, name a law or government program with that Intentlon. Instructions: You may select more than one answer. Click the box with a check mark for correct answers, and click to empty the box for the wrong answers. a. They encourage firms to Invest more in research and development in order to boost technology. ? Lower tax rates on Income earned through savings. ? Retirement savings plans. 2 Government grants patents for Inventions. ? Government-provided student loans. 7 Grants from National Institute of Health. 2…arrow_forward
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