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- For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?What sorts of policies can governments implement to encourage convergence?
- Connect Problem CP 28-09 (algo) Consider the following data for a particular country. Real GDP per Capita, Year 1 Population, Year 1 and Year 2 $37,500 400 million Growth Rate of Real GDP, Year 1 to Year 2 6 percent Inflation Rate 4 percent Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is real GDP per capita in year 2? $ b. What is real GDP in year 2? trillion22. Which of the following is the technical definition of a recession? A. a fall in GDP for four consecutive quarters B. a rise in unemployment for two consecutive quarters C. a fall in GDP for two consecutive quarters D. a rise in unemployment for four consecutive quartersIs it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
- According to Table 19.7, how long has the average recession lasted since the end of World War II?Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 20082009 recession? (This requires a judgment call.)"During a recession more people qualify for unem ployment insurance . This will increase the government spending category of GDP and help reduce the sever ity of the recession " Do you agree with this statement ? Why or why not
- Question 4Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph:a) an increase in labour productivityb) an increase in preference for workc) the trade union withdraws labour through a strike.Question 5Year 2010 2011 2012 2013 2014 2015Economic Growth (%) 2.7 1.7 1.3 2.7 2.5 1.9Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3Examine the data on the economic growth and unemployment rate for 2010-2015(i) What trends do you observe in the unemployment rate? In economic growth?(ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship)…CS 16 Economics suppose that the GDP of california increases by 8.0% each year. how long will it take for the GDP of California to double? round your answer to one digit after the decimal. _______years suppose that the gdp of oregon today is exactly twice what it was 32 years ago. what was the average annual growth for oregon over this time period? round your answer to one digit after the decimal. _____________% each year.14)Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows: Year Growth Rate (%) 1 3 2 1 3 – 2 4 4 5 5 Instructions: Round your answers to 2 decimal places. a. What was the average of these growth rates in Econoland over these 5 years? b. What term would economists use to describe what happened in year 3? (Click to select) Expansion Recession c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate?
