EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 26, Problem 3DQ
To determine
Poor countries and their options for economic growth .
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O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the
ratio of GDP per capita between the two countries is unchanged.
O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate.
O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear
scale graph against time the gap between the two lines must be narrowing.
O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale
graph against time the gap between the two lines will be constant.
Explain why U.S. potential GDP per worker per week is greater than that in Europe.
What could induce Europeans to work the same hours as Americans and would that close the gap between potential GDP per worker in the two economies?
U.S. potential GDP per worker per week is greater than that in Europe because
O A. U.S. workers work fewer hours on average but they are more productive than Europeans
O B. U.S. workers are more productive per hour of work and they work longer hours than Europeans
C. the supply of labor in America is smaller than the supply of labor in Europe
O D. the United States uses less capital but they use it more effectively
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Assume that real GDP per capita in Country X is currently $50,000 per person. Also, assume that real GDP per capita in Country X grows at a rate of 2% per year. Rounding to the
nearest 2 decimals, the real GDP per person in Country X in 10 years will be approximately
3.7 points
Save Answ
O a. $66,124
O b. $60,000
O. $58,272
Od. $61,000
Chapter 26 Solutions
EP ECONOMICS,AP EDITION-CONNECT ACCESS
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Similar questions
- On the following scatter plots, the 1960 real per capita GDP is on the x-axis and the y-axis represents the average economic growth rate between 1960 and 2017. Which one shows the strongest evidence in favour of convergence? O 2.5 1960-2017 growth (percent) 2.0 1.5 1.0 3 2 5 5 Convergence 10 1960 GDP (constant dollars per person) Convergence 15 10 15 1960 GDP (constant dollars per person) 20 20arrow_forwardWhich of the following is true about classifying countries as low income, middle income, or high income? O There is no criteria for classifying economies as low income, middle income, or high income O Countries with unemployment rates above 5% are classified as low income Low income countries have $1,025 per capita GDP per year or lower O High income countries have $15,625 GDP per capita GDP per year or higherarrow_forwardD Question 14 Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2% per year. How long would it take for the country to double its GDP? O 7 years O 14 years 35 years O Never Question 15 For the previous question, how long would it take Joshua-land to double its GDP capita? per O 7 years O 14 years O 35 years Never Question 16 For Joshua land, how long would it take for prices to double? O 7 years O 10 years 35 years O Not enough informationarrow_forward
- In the year 2014, the world's average per capita GDP was $14,517. What percent of the world's population lived in a country with per capita GDP that was below $14,517? O 21% 43% 56% OOOO 73% Show Transcribed Text Roughly what percent of the world's population live in countries with per capita GDP lower than the average world per capita GDP? 75% 50% © 25% C 10%arrow_forwardThe Human Development Index measures O A. living standards across various countries. O B. the amount of ethnic welfare and disease in third-world countries. O C. how fairly income is distributed across countries. O D. the relative lifespan and education in third-world countries. The correlation between this index and real income per capita in a country is O A. the correlation between this index and real income per capita is weakly negative. B. countries with higher real income per capita tend to have higher levels of this index. C. no discernable association exists between this index and income per capita. D. a positive association is apparent but only for high-income economies.arrow_forward- Suppose that work hours in New Zombie are 200 in year 1, and productivity is $8 per hour worked. What is New Zombie's real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie's rate of economic growth? LO8.4arrow_forward
- A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?arrow_forwardQuestion 1 If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to double? 13.8 O 14.2 O 15.2 O 18.2arrow_forward6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the endogenous growth model. What effects does this have on the rates of growth and the levels of human capital, consumption, and output? Explain your results.arrow_forward
- What does the positive and statistically significant correlation suggest about real income per capita as a measure of welfare? O A. Since correlation does not mean causality, real income per capita should not be used to measure welfare O B. Real income per capita is a reliablethough not perfect-indicator of human welfare within and across countries. O C. Correlation is a statistical quirk and suggests nothing about the use of real income per capita as a measure of welfare O D. Real income per capita can be trusted to give unquestionable assessments of human welfare within and across countriesarrow_forwardUsing the table, what is the real GDP growth from 2001 to 2002? O 50% YEAR O 1.25% 2001 2002 O-11.11% QUANTITY APPLES 100 150 BANANAS APPLES 40 $0.50 60 $1.00 PRICES BANANAS $2.50 $1.00arrow_forwardYear 1960 1970 1980 1990 2000 Real GDP per Capita $1,571 2,777 4,830 9,959 15,881 (Table: South Korea's Real GDP per Capita) Use Table: South Korea's Real GDP per Capita. As a percentage of real GDP per capita in 2000, approximately how much did South Korea produce in 1960? O a. 1,011% Ob. 15% Oc. 10% Od. 151%arrow_forward
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