Over the period 1960-2000, France grew ________ than the United States economy A) 2 % slower. B) 2% faster. C) more than 2% slower. D) less than 2% faster. E) more than 2% faste
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- 10) True or False: Countries that currently have low real GDPs per capita are destined to always have lower living standards than countries that currently have high real GDPs per capita.In 2018, the country of Questville had a GDP of $39000.00 and the country of Mistania had a GDP of $19500.00, which is half, or 50% of Questville's GDP. If Questville grows at the slow rate of 1% for 5 years while Mistania grows at the fast rate of 6% for 5 years, what will Mistania's GDP be as a percentage of Questville's GDP in 5 years from now? Include the % sign in your answer. Does this example illustrate the concept of convergence? OYes SONOWith lockdowns currently imposed across Europe and North America until mid-April, even in the best-case scenario it will take at least until mid-June for market confidence to be restored in these economies. The implication is that nearly six million workers in Bangladesh’s formal sector – which is largely manufacturing – will be without steady work for an extended period.” a) Which part of the production function do you think the issue mentioned above will affect? Draw two diagrams to show Real GDP and LRAS is affected in the long run. The government should also consider an unconditional cash transfer program for an initial period of three months at a rate of $95 per month, which corresponds to the minimum wage for the formal sector in Bangladesh. This would cost the government roughly $14 billion, or 4% of GDP. While this sort of cash transfer program always suffers from targeting issues, Bangladesh enjoys a highly sophisticated mobile financial services network, which could…
- Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long run in response to each of the following changes? (a) The investment rate doubles (b) the depreciation rate falls by 10% (c) The productivity level rises by 10% (d) an earthquake destroys 75% of the capital stock (e) A more generous immigration policy leads the population to double.6) How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%? 7) How many years will Ukraine grow with a GDP of $153 billion dollars at a growth rate of 2%? 8) How many years will the Ghana grow with a GDP of $67 billion dollars at a growth rate of 6%?1) Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8 Taking year 1 as the base year, what is the growth rate of real GDP between years 1 and 2? a. 0.75% b. 38.75% c. 14.75% d. 375.5% 2) Consider a country in which three goods (A, B, and C) are produced. The following table shows data for prices and quantities produced for two years. Quantities produced Unit prices Q1 Q2 P1 P2 Good A 51 45 10 14 Good B 23 54 10 6 Good C 6 12 10 8 Using year 1 as the base year, what is the value of the GDP deflator between years 1 and 2? Hint: Remember that the GDP deflator is a way of measuring the aggregate change in prices from one period to…
- Suppose that India is currently growing at a rate of 14% per year and is producing real GDP per capita equal to $7,000, whereas the United States is currently growing at a rate of 5% per year and is producing real GDP per capita equal to $28,000.a) How long will it take India to double its real GDP per capita?b) How long will it take the United States to double its real GDP per capita?c) How much will India's real GDP per capita be in 20 years?d) How much will the USA's real GDP per capita be in 14 years?Refer to the graph. According to the economic concept of catch-up, which of the following is CORRECT? A. Richer countries should grow more quickly and will be at point B. B. Richer countries should grow more slowly and will be at point A. C. Poorer countries should grow more quickly and will be at point A. D. Poorer countries should grow more slowly and will be at point B. G Growth in real GDP per capita A Catch-up line B Initial level of real GDP per capitaCalculate approximately how many years it will take per capita GDP in the United States, Mexico, China, Rwanda, and Haiti to double, assuming that each country continues to grow at the same average rate as between 1960 an 2010. (Hint: Use the Rule of 70.) (Round your responses to one decimal place. Enter "−1" if a country will never double its GDP.) Implied (Average) Annual Growth (%) Years to Double United States 2.00 ? Mexico 1.79 ? China 4.72 ? Rwanda 0.60 ? Haiti −0.14 ? If the United States, Mexico, China, Rwanda, and Haiti continue to grow at the rates given in the exhibit, how many years (starting from 2010)would it take each to catch up to the United States in terms of per capita GDP? (Hint: If a country's GDP per capita is growing at a constant rate, g, then the natural log of GDP per capita t years into the future is: ln y(t) = ln y(0) + gt, where y(0) is GDP per…
- 1) Complete the table. Please note that the world price of T in terms of S is 1,2 and GDP calculated in terms of S. (1T=1,2 S) Before Growth After Growth Percentage Change Production of T Consumption of T Export of T Production of S Consumption of S Import of S TOT GDP 2250 2925 900 810 1800 1,2 1,2 a) Explain what type of Economic Growth is this country experiencing? Show your calculations.2. You are a manager at a large shampoo company and on the search for future markets. You identified two low income countries that look very dynamic: Country A has a GDP/capita growth rate of -1% and population growth rate of 9%. Country B has a GDP/capita growth rate of 7% and constant population. (a) Discuss which country you should focus on for your expansion. (b) Discuss if your answer would change if the products you are trying to sell are cars.51) In the absence of technological progress, we know with certainty that an decrease in the saving rate will cause which of the following? A) decrease steady state consumption B) increase steady state consumption C) have no effect on steady state consumption D) decrease steady state consumption only if the decrease in saving exceeds the increase in depreciation E) decrease steady state consumption only if the decrease in saving is less than the decrease in depreciation 52) As an economy adjusts to an decrease in the saving rate, we would expect output per worker A) to decrease at a constant rate and continue decreasing at that rate in the steady state. B) to decrease at a permanently higher rate. C) to increase at a permanently higher rate. D) to return to its original level. E) none of the above 53) Suppose the following situation exists for an economy: Kt+1/N t/N. Given this information, we know that A) saving per worker equals depreciation per worker…