Principles of Economics Plus MyLab Economics with Pearson eText (2-semester access) -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134426846
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 31, Problem 1.3P
To determine
Annual growth rate in real
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According to economists, productivity can be increased by
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- improving the education of workers
- raising minimum wages
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- restricting trade with the foreign countries
All values are 2005 dollars.
Part a) Calculate the growth of GDP/capita in each column.
Part b) Calculate the average annual growth in GDP/capita for japan, uk, and USA from 1980 to 2010 using the growth formula in the image. In the growth function, t is the current time period, t-j is the original time period, and g is the annual growth rate.
Part c) In parts a and b, are the calculated values for nominal gdp/capita or real gdp/capita. Explain why.
Which of the following is NOT a reason why middle-income countries in the east have experienced rapid growth rates?
Group of answer choices
The countries developed abundant new technologies which drove growth
These countries had a strong policy structure that supported human capital investments
These countries encouraged participation in the world markets
These countries accrued larger savings and invested it domestically
Chapter 31 Solutions
Principles of Economics Plus MyLab Economics with Pearson eText (2-semester access) -- Access Card Package (12th Edition)
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