Here are some more facts:GDP percapita(Y/Pop)4,14826,370Participation Capital per(L/Pop)RegionYearWorker(K/L)34,702147,888664,15815,303110,227370,3252,7868,18312,7120Hong Kong37%48%19601990201959,2452,55421,24948,89652%1960199020191960Taiwan32%43%49%China99645%19902,47813,98856%201956%Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of thepopulation in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted.Data are from the Penn World Tables 10.Step 1: Use a Cobb-Douglas production function, Y = A K'/3 L2/3, and our growthaccounting methodology to allocate annual average growth in per capita output tochanges in average labor-force participation, TEP, and capital per worker, for eachregion for the full sample, 1960-2019. Briefly discuss which factor has been mostimportant for each country.[Hint: Remember that the production function scales nicely, Y/L=A(K/L)3, so you cancalculate TFP from the data on Y/L and K/L. One more hint: Remember thatY/L=(Y/Pop)/(L/Pop), so you can also calculate Y/L from the data you're given.]Step 2: Repeat Step 1 for two subsamples: 1960-1990, and 1990-2017. How doesthe more recent period differ from the earlier period for each region?Step 3: Use whatever resources you think appropriate to uncover differences inlegal and political institutions,• education,• government policies (both microeconomic such as regulation, andmacroeconomic such as taxation, international trade, and inflation),and• business practices,across the three regions. Comment on how similarities and differences along thesedimensions relate to the relative economic performance we have observed. Lookingforward, which region do you believe is best positioned for better economicperformance over the next decade? [Try to be concise answering this part. A shortparagraph or two on each should suffice.]

The monetary worth of final goods and services produced in a country over a specific period of time…

Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786 8,183 Hong Kong 1960 37% 1990 48% 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 2,478 13,988 1990 56% 2019 56% 12,7120 Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of the population in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted. Data are from the Penn World Tables 10.

Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786 8,183 Hong Kong 1960 37% 1990 48% 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 2,478 13,988 1990 56% 2019 56% 12,7120 Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of the population in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted. Data are from the Penn World Tables 10.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Perfect Population Projections Inc. (PPP) has entered into a contract with the city of Popular, Pennsylvania, to project the future population of the city. In recent years, Popular has become a desirable place to live and work, as indicated by the below table. Year 2015 2016 2017 2018 2019 2020 Total Total Basic Nonbasic Population Employment Employment Employment 50,000 53,000 57,000 65,000 70,000 ? 25,000 26,500 28,500 32,500 35,000 ? 6,250 6,625 7,125 8,125 8,750 9,000* 18,750 19,875 21,375 24,375 26,250 ? *Estimated from surveys. Required: The contract states that PPP must project Popular's population for the year 2020 using an economic base analysis. The ratio of population to total employment is 2.0833. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Your help is needed! Total population using economic base analysis Total employment using economic base analysis Total Nonbasic employment using economic base analysis Year 2020
Can there be a condition where the value of real gross domestic product becomes equal to the nominal GDP. (b) What will be the GDP deflator in such case?
Nominal GDP (billions of cunent $) GDP defatar Population growth 101% Date 2007 $14,0618 10630 2008 143691 10n.62 0.93% 2009 14,129.0 109.61 2010 14,660.4 0S0% Use the data in the table above to calculate the economic growth rate for the United States from 2008 to 2009. Give your answer to two decimals. Note that all data is from the end of the year specified.
(i) GDP Deflator for Year 1 (ii) GDP Deflator for Year 2
The tables below show data for two island nations, Arturia and Ringberg. Arturia Year 1 2 Nominal GDP Population GDP $100 $240 Deflator 100 120 20 25 (a) Calculate each of the following for Year 2. Show your work. (i) Real GDP per capita for Arturia (ii) Real GDP per capita for Ringberg Ringberg (c) Calculate each of the following in Year 2. Show your work. (i) The inflation rate in Arturia (ii) The inflation rate in Ringberg Year 1 2 Nominal GDP Population GDP $200 $300 Deflator 100 150 25 25 (b) If Arturia and Ringberg have the same velocity of money in Year 2, which nation must have the higher money supply in Year 2? Explain. (d) Based on your answer to part (c), if the nominal interest rate is the same for both nations in Year 2, which nation experiences the higher real interest rate in Year 2? Explain. (e) Ringberg produces consumer goods and capital goods. While maintaining full employment, Ringberg decides to allocate more resources to the production of consumer goods. What will…
Year 1960 1980 Argentinal 2018 $5,643 Percentage of Real GDP per 1960 2018 capita real real (2010 GDP GDP dollars) per per capita capita 7,908 ? 2000 8,224 ? The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita in 2010 U.S. dollars for Argentina, Ghana, South Korea, and the United States for 1960, 1980, 2000, and 2018. 10,044 ? ? ? ? C Ghana Real GDP per 1960 capita real (2010 GDP dollars) per Percentage of 881 $1,056 ? 952 capita ? ? 1,807 ? 2018 real GDP per capita ? ? ? 2. South Korea Real GDP per capita (2010 dollars) $944 Percentage of 15,105 1960 real GDP per capita ? 3,700 ? ? 26,762 ? 2018 real GDP per capita ? ? ? ?
Assume that RGDP per capita in NZ typically grows at about 3.8% p.a.. Discuss the differences in RGDP per capita growth in the 2003-2008 and 2008-2013 periods in terms of our concept of booms and busts. Do this in 100 words or less.
t (years since 2008) GDP (trillion dollars) 14.67 -14.81 0.25 0.5 0.75 14.84 14.55 14.38 (a) Estimate the relative growth rate (percent per year) at the first four times in the table. NOTE: Round your answers to one decimal place. Relative growth rate at 0 Relative growth rate at 0.25 % Relative growth rate at 0.5 Relative growth rate at 0.75 = (b) Economists often say an economy is in recession if the GDP decreases for two quarters in a row. Was the US in recession in 2008? because The US Choose one Choose one ▼
One way of measuring standard of living is by using real GDP per capita. a) Complete the table below by calculating Real GDP per capita for the 3 years (remember to show your work for at least one year): Years 1 2 3 Real GDP (in millions of dollars) $5,720 6,496 7,392 Population (in Real GDP per thousands) capita 220 224 231 b) By what percentage this country's RGDP per capita rose between year 1 and 3? Show your work!
Explore 05 yearly data of the following indicators with respect to Pakistan in graphical as well as tabular form, summarize the 05-year economic performance of Pakistan with the help of your data also elaborate the reasons for ups and downs in these factors. a) Gross Domestic Product (GDP) b) Gross National Product (GNP) c) Net National Product (NNP) d) Net Domestic Product (NDP) e) National Income (NI) f) Personal Income (PI) g) Disposable Personal Income (DPI)
Year Real GDP per Capita 1985 6,000 1986 6,300 1987 6,700 1988 7,200 1989 7,850 1990 8,250 1991 8,450 1992 8,550 1993 8,575 1994 8,510 1995 8,370 1996 8,100 1997 7,950 1998 7,925 1999 7,960 2000 8,035 2001 8,155 The information above describes the real GDP per capita for a country for the period from 1985 through to 2001. I.…
Between 1960 and 2018 U.S. GDP, measured in dollars of constant purchasing power, expanded about 5.0 times. However, the standard of living only increased by 4 times over this period. Explain the difference.