Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 20, Problem 4SCQ
Assume there are two countries: South Korea and the United States. South Korea grows at
For the sake of simplicity, assume they both start from the same fictional income level,
What will the incomes of the United States and South Korea he in 20 years? By how many multiples will each country’s income grow in 20 years?
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Assume there are two countries: South Korea and the United States. South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same fictional income level, $10,000. What will the incomes of the United States and South Korea be in 20 years? By how many multiples will each country’s income grow in 20 years?
Assume there are two countries: South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same fictional income level, $10,000. What will the income of the United States and South Korea be in 20 years? By how many multiples will each country's income grow in 20 years?
Given: Assume South Korea grows at 4% and United States grows at 1 %
assume they both start from the same fictional income level, $10,000.
(1) What will the incomes of the US and South Korea be in 20 years?
(2) By how many multiples will each country's income grow in 20 years?
Chapter 20 Solutions
Principles of Economics 2e
Ch. 20 - Explain what the Industrial Revolution was and...Ch. 20 - Explain the difference between property rights and...Ch. 20 - Are there other ways in which we can measure...Ch. 20 - Assume there are two countries: South Korea and...Ch. 20 - What do the growth accounting studies conclude are...Ch. 20 - What policies can the government of a free-market...Ch. 20 - List the areas where government policy can help...Ch. 20 - Use an example to explain why, after periods of...Ch. 20 - Would the following events usually lead to capital...Ch. 20 - What are the advantages of backwardness for...
Ch. 20 - Would you expect capital deepening to result in...Ch. 20 - Why dues productivity growth in high-income...Ch. 20 - How did the Industrial Revolution increase the...Ch. 20 - How much should a nation be concerned if its rate...Ch. 20 - How is GDP per capita calculated differently from...Ch. 20 - How do gains in labor productivity lead to gains...Ch. 20 - What is an aggregate production function?Ch. 20 - What is capital deepening?Ch. 20 - What do economists mean when they refer to...Ch. 20 - For a high-income economy like the United States,...Ch. 20 - List some arguments for and against the likelihood...Ch. 20 - Over the past 50 years, many countries have...Ch. 20 - Labor Productivity and Economic Growth outlined...Ch. 20 - Change in labor productivity is one of the most...Ch. 20 - Refer back to the Work It Out about Comparing the...Ch. 20 - Education seems to be important for human capital...Ch. 20 - Describe some of the political and social...Ch. 20 - Why is investing in girls education beneficial for...Ch. 20 - How is the concept of technology, as defined with...Ch. 20 - What sorts of policies can governments implement...Ch. 20 - As technological change makes us more sedentary...Ch. 20 - An economy starts off with a GDP per capita of...Ch. 20 - An economy starts off with a GDP per capital of...Ch. 20 - Say that the average worker in Canada has a...Ch. 20 - Say that the average worker in the U.S. economy is...
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