Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 42, Problem 2P
To determine
The income per capita in DVC.
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O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the
ratio of GDP per capita between the two countries is unchanged.
O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate.
O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear
scale graph against time the gap between the two lines must be narrowing.
O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale
graph against time the gap between the two lines will be constant.
- Suppose that work hours in New Zombie
are 200 in year 1, and productivity is $8
per hour worked. What is New Zombie's
real GDP? If work hours increase to 210
in year 2 and productivity rises to $10
per hour, what is New Zombie's rate of
economic growth? LO8.4
Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. How large is its population? If its population grows by 2 percent in some year while its total income grows by 3 percent, what will be its new income per capita rounded to full dollars? If the population had not grown during the year, what would have been its income per capita?
Chapter 42 Solutions
Economics (Irwin Economics)
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