Indicate whether each description in the following table best describes economic growth or economic development.DescriptionThe ability of an economy to produce greater levels of output, represented by an outward shift of itsproduction possibilities curve (PPC)Encompasses improvement in the quality of life, including increases in the production of goods andservicesEconomic growth is measured byEconomicGrowthEconomicDevelopmentооO, while economic development is measured byо Indicate whether each description in the following table best describes economic growth or economic development.DescriptionThe ability of an economy to proproduction possibilities curve (PEncompasses improvement in tservicesEconomic growth is measured byEconomicGrowthEconomicDevelopmentthe literacy rateby an outward shift of itsOthe infant mortality rateproduction of goods andGDP per capitathe percentage change in GDP per capita'while economic development is measured by

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Answered: Indicate whether each description in…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 10P

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What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. Why have some countries reduced the gap between their incomes andthat of the United States and other countries failed to do so?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
Which impacts economic growth? O a decrease in the productivity of labor O an increase in the proportion of the population that is college educated O an increase in the average wage rate paid to workers O an increase in the standard of living
What is the best way to measure the rate of economics growth? a. By the annual percentage change in nominal GDP O b. By the annual percentage change in nominal GDP per capita O c. O d. By the annual percentage change in real GDP By the annual percentage change in real GNP per capita Oe. None of the above
Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…
estion 1 Refer to the imformation provided in figure below to answer the question. yet wered ked out of ppf2 Flag question pf! Consumer goods Refer to Figure Economic growth is represented by a Select one: a. shift from ppf2 to ppf1 b. movement along ppf2 c. movement along ppf1 d. shift from ppf1 to ppf2 spoob pade)
Which of the following options listed below do economists count as determinants of economic growth? Select all that apply. Hint: read through all the options provided. O Techriological improvement. Growth in birth rates O Growth in the number of people "Not in the labour force". Growth in human capital. Growth in the interest rate. Growth in the labour force participation rate. O Growth in government spending. Growth in resource efficiency. Growth in physical capital. O Growth in the number of immigrants entering the country. Minimizing taxes. O Growth in imports.
The hockey stick of growth shows us O That environmental damage has increased dramatically in the past century That GDP per capita has increased dramatically in the past century O That wealth per capita has increased dramatically in the past century O That inflation per capita has increased dramatically in the past century
What is the largest contributing factor to human population growth during the 20th and 21st century? a decrease in birth rates an increase in death rates O a decrease in death rates O an increase in birth rates
An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
What policies can the government of a free-market economy implement to stimulate economic growth?

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