Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 8, Problem 3DQ
To determine
Poor countries and their options for economic growth .
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Why are some countries today much poorer than other countries? Are today’s poor countries destined to always be poorer than today’s rich countries? If so, explain why. If not, explain how today’s poor countries can catch up or even pass today’s rich countries.
Why is China still poor in per capita terms despite having the second-largest economy in the world in terms of real GDP?
Many countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts?
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- Demographers have been very surprised that total fertility rates have fallen below 2.0, especially because most people in most countries tell pollsters that they would like to have at least two children. Can you think of any possible economic factors that may be causing women in so many countries to average fewer than two children per lifetime? What about other social or political changes?arrow_forwardWhat is the connection between individualism, collectivism and economic development in a country? Is your chosen country an individualist or collectivist culture? What economic indicators do you use to tell how well a country has been doing economically? How has your country's economic development been over the last 10 years?arrow_forwardDo you think that all of today’s developing nations will complete the demographic transition and come to enjoy a permanent state of low birth and death rates? Why or why not? What steps might we as a global society take to help ensure that they do? Now think about developed nations such as the United States and Canada. Do you think these nations will continue to lower and stabilize their birth and death rates in a state of prosperity? What factors might affect whether they do so?arrow_forward
- In most cases, wealthy countries have strong institutions that create incentives for economic growth. Why do you think these wealthy countries have strong institutions? Why don't these institutions exist for the entire world?arrow_forwardWhat is the mainstream 'Stages of Growth' model of how countries develop? When people who advocate for the 'Stages of Growth' model say that countries should "redistribute from growth," what do they mean?arrow_forward
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