Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables showthe supply of land, population size, and real GDP for these two economies from 2020 to 2023.Complete the last column of the following two tables by calculating real GDP per capita for the two economies.TralfamadoreLandReal GDP(Dollars)Real GDP per Capita(Dollars)Year (Hectares)Population202020,0005004,500202120,0001,00010,000202220,0001,50016,500202320,0002,00024,000SporonLandReal GDPReal GDP per Capita(Dollars)Year(Hectares) Population (Dollars)202020,0001,00015,000202120,0002,00028,000202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withhigher or lowerland-labour ratios. 202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withland-labour ratios.Which of the following is a correct description of the effect of population growth on economic growth in Tralfamadore from 2020 to 2023?O Real GDP per capita rose from 2020 to 2023 as population increased.O Real GDP per capita fell initially but eventually rose as population continued to expand.O Real GDP per capita fell from 2020 to 2023 as population increased.O Real GDP per capita rose initially but eventually fell as population continued to expand.The English economist Thomas Malthus made an incorrect prediction regarding long-run living standards. His error can largely be traced to his notrecognizing the importance of natural resources or technological changes

Real GDP refers to the measure of a country's gross domestic product that has been adjusted for…

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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