PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
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Question
Chapter 5, Problem 9P
(a):
To determine
Country with the highest and lowest school enrollment rates.
(b):
To determine
Other factors that determine the school enrollment rate besides the per capita income.
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This year, if two million new babies were born in the U.S. and if two million more immigrants came to the U.S., then the Annual Real GDP Per Capita will go down if we assume no change in the real GDP figure between this year and last year.
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Economy
Real Income per Person in 1960 (Dollars)
Real Income per Person in 2010 (Dollars)
Annual Growth Rate (Percent)
Austria
9,773
35,031
2.59
Venezuela
7,307
9,762
0.58
Botswana
468
9,515
6.21
Malaysia
1,624
11,863
4.06
Honduras
1,932
3,146
0.98
Zambia
1,412
1,309
-0.15
Indicate which economy satisfies each of the following…
Richland’s real GDP per person is $10,000 and Poorland’s real GDP per person is $5,000. However Richland is growing at 1% per year and Poorland is growing at 3% per year. Compare real GDP per person after 20 years and after 40 years.
Please enter your answers as numerical responses rounded to the nearest dollar, and do not type out your answer as words. (ie. $13,452 not "Thirteen thousand four hundred fifty-two dollars").
What is Richland's Real GDP after 20 years?
What is Richland's Real GDP after 40 years?
What is Poorland's Real GDP after 20 years?
What is Poorland's Real GDP after 40 years?
Chapter 5 Solutions
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
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