PRINC. OF ECON. LOOSE W/APLIA+COUPON
7th Edition
ISBN: 9781337365635
Author: Mankiw
Publisher: CENGAGE C
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Chapter 25, Problem 1QCMC
To determine
Real GDP growth in the U.S.
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Check out a sample textbook solutionStudents have asked these similar questions
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.
If X grows at a rate of 9% a year, and Y grows at a rate of 14 percent per year, what is the growth rate of X/Y?
a. 23% b. -5% c. 5% d. (9/14) %
A nation’s population is growing 5% per year, and its total GDP is growing 1% per year. What is the annual rate of growth of GDP per capita? Feel free to round to the nearest percentage point:.
True or false? If false, explain why.a. Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future.b. Many public capital goods are complementary to private capital goods.c. Immigration has slowed economic growth in the United States.
Chapter 25 Solutions
PRINC. OF ECON. LOOSE W/APLIA+COUPON
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- Look at the hypothetical data below:Real GDP per capitaNigeria $1,000Mexico $8,000China $15,000United States $33,000Fact is, changes in income over time explains economic growth of a country. Using two sources of growth, account for the large differences in income per capita across these countries?e. Discuss three policies governments can use to promote economic growth.arrow_forward28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capitaof $75,000. Which of the following is NOT a plausible reason for Country B’s higherGDP-per-capita?(A) Country B has more open and inclusive economic and political institutions.(B) Country B has more natural resource wealth.(C) Country B has lower productivity.(D) Country B has more capital.arrow_forwardAccording to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in North America? Latin America? Africa?arrow_forward
- 5 Write a two-page summary of possible solutions to continue economic growth without damaging the planet's resources, especially in the South Africa country context.arrow_forwardAn economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?arrow_forward
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