EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 26, Problem 4DQ
To determine
Supply factors, demand factor and efficiency factor for the economic growth .
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If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
Select one:
O a.
9.7 percent
O b. 2.4 percent
O c. 3.5 percent
O d. 2.6 percent
6. 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.
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
20
Chapter 26 Solutions
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- What annual growth rate will result in a country roughly doubling its GDP in 14 years? O a. 2.5 percent O b. 5 percent Oc. 7.5 percent d. 12 percent e. 14 percentarrow_forwardIn 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_forwardWhat annual growth rate will result in a country roughly doubling its GDP in 10 years? Select one: O a. 5 percent Ob. 12 percent Oc 7 percent Od. 10 percentarrow_forward
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