Refer to Table 4.3 “The Model’s Prediction for Per Capital GDP” on page 83. Why is the “observed per capita GDP” in the last column 1.000 for the U.S.?A. The U.S. per capita GDP was $1,000 in real terms for the year given in the table B. It means the U.S. economy produces 100% of what it’s supposed to produce C. It means the U.S. economy uses 100% of all available capital in the country D. U.S. values are set, or normalized, to 1 while the other countries’ values are all relative to the U.S. values TABLE 4.3The Model's Prediction for Per Capita GDP (U.S. = 1)Predicted percapita GDPy = k¹1/3CountryU.S.SwitzerlandJapanU.K.ItalySpainChinaBrazilSouth AfricaIndiaBurundiObservedcapital perperson, k1.0001.3090.9300.6930.8040.7310.2760.2020.1740.0810.0051.0001.0940.9760.8850.9300.9010.6510.5870.5590.4330.173Observedper capitaGDP1.0001.1510.7340.7140.6800.6400.2790.2520.2140.1170.015Predicted per capita GDP is computed as R13, that is, assuming no differences in productivity across countries. Datacorrespond to the year 2017 and are divided by the values for the United States.Source: Penn World Tables, Version 9.1.With no difference inproductivity, the modelpredicts smaller differ-ences in income acrosscountries than weobserve.

GDP: GDP is the sum of the value of all end commodities produced within the country in a year. The…

efer to Table 4.3 “The Model’s Prediction for Per Capital GDP” on page 83. Why is the “observed per capita GDP” in the last column 1.000 for the U.S.? A. The U.S. per capita GDP was $1,000 in real terms for the year given in the table B. It means the U.S. economy produces 100% of what it’s supposed to produce C. It means the U.S. economy uses 100% of all available capital in the country D. U.S. values are set, or normalized, to 1 while the other countries’ values are all relative to the U.S. values

efer to Table 4.3 “The Model’s Prediction for Per Capital GDP” on page 83. Why is the “observed per capita GDP” in the last column 1.000 for the U.S.? A. The U.S. per capita GDP was $1,000 in real terms for the year given in the table B. It means the U.S. economy produces 100% of what it’s supposed to produce C. It means the U.S. economy uses 100% of all available capital in the country D. U.S. values are set, or normalized, to 1 while the other countries’ values are all relative to the U.S. values

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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