1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after fiveyears if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)2. Chile has a population of 19.5 million and a GDP of $253 billion. Denmark has a population of 6.25 million and aGDP of $327 billion. Which country has a higher standard of living, and why? How did you determine who has thebetter living standard? (Reference any academic and non-academic articles used to make this determination.)3. Movement between which points in the following diagram would reflect only a technology change? Movementbetween which points in the following diagram would reflect only an increase in the available capital per worker? if acountry is already fairly wealthy, what should it concentrate more on: increasing capital per worker or encouragingpositive technological change? Why? (Explain each answer, do not just list letters.)

Real GDP per capita in US = $10,000Real GDP per capita growth rate is 2.9% per year. Required: Real…

1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)

1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter16: Creating An Environment For Growth And Prosperity

Section: Chapter Questions

Problem 14CQ

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Question

1. If real GDP per capita in the United States is $10,000, what will real GDP per capita in the United States be after five
years if real GDP per capita grows at an annual rate of 2.9% ? (Show your work and explain your answers.)
2. Chile has a population of 19.5 million and a GDP of $253 billion. Denmark has a population of 6.25 million and a
GDP of $327 billion. Which country has a higher standard of living, and why? How did you determine who has the
better living standard? (Reference any academic and non-academic articles used to make this determination.)
3. Movement between which points in the following diagram would reflect only a technology change? Movement
between which points in the following diagram would reflect only an increase in the available capital per worker? if a
country is already fairly wealthy, what should it concentrate more on: increasing capital per worker or encouraging
positive technological change? Why? (Explain each answer, do not just list letters.)

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