EBK MACROECONOMICS (FOURTH EDITION)
4th Edition
ISBN: 9780393616125
Author: Jones
Publisher: YUZU
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Chapter 4, Problem 5RQ
To determine
Explain how the
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Two students are discussing the pros and cons of different measures of economic development. “GDP per capita,” declares the first, “is the only true measure of how developed a country’s economy is.’ The second student counters, “I disagree. The only true measure of a country’s economic development is its people’s quality of life, regardless of its GDP.” Why is each of these students incorrect?
The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars).
1. Identify the countries that experienced sustained growth between 1820and 2010.
The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars).
1. Identify the countries that experienced catch-up growth from 1920 to2010.
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EBK MACROECONOMICS (FOURTH EDITION)
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- What has surprised you most about the measurement of economic development?arrow_forwardAccording to the figure showing 2020 GDP for selected countries, how much larger (in percentage terms) is America’s GDP than: a. Great Britain? b. Haiti?arrow_forwardHow quickly does GDP need to grow in order to provide for population growth?arrow_forward
- Suppose there are two countries, India and Bangladesh. In country India, Real GDP grows by 3 percent each year. In country Bangladesh, Real GDP is the same each year: If Real GDP was $1000 billion last year, it is $1000 billion in the current year, and it will be $1000 billion next year. In which of the two countries would you prefer to live, ceteris paribus? Why? Explain.arrow_forwardWhat is GDP per capita and why is it useful in measuring differences in living standards between different countries?arrow_forwardWhat can you say about Turkey in the average GDP growth for the next 3 years (2021-2023)?arrow_forward
- Draw a graph of "catch-up" that shows where you would expect to see a country with low saving rates and low levels of health and education. How would you expect real GDP per capita to grow in a country like this?arrow_forwardPer capita income (or output) is the general measure used to compare the standard of living between countries. If a country's population growth is higher than its economic growth, what happens to per capita income? What are some of the limitations to using per capita income as a measure to compare the well-being of different countries?arrow_forward
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