How do gains in worker productivity lead to gains in per capita GDP? What is an aggregate production function? How much should a nation be concerned if its rate of economic growth is just 2% slower than other nations? What do economists mean when they refer to improvements in technology?

Q: In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million.…

A: Before we solve the above problem, let us first understand some key concepts:  While GDP measures…

Q: Which of the following is the per capita real GDP growth rate if a country''s real GDP growth rate…

A: GDP growth rate: It measures the percentage change in the overall output level in an economy during…

Q: If a nation’s productivity grows by 3 percent rather than 1.5 percent over many years, what will be…

A: A nation's productivity refers to the level of production that the economy is able to achieve with…

Q: per capita is à function of three components: human capital per worker, physical capital per worker,…

A: GDP per capita: Gross domestic product per capita is the measure of a country that breaks down a…

Q: Use the table to answer the questions. Define productivity as GDP per worker, and please enter all…

A: Productivity determines how efficiently resources are employed within an economy. Productivity shows…

Q: Why do poor countries often exhibit much stronger growth rates than rich countries ?

A: Poor countries are those which have low GDP, which have recently become independent. There are…

Q: A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. Its population was 120…

A: Real GDP: - it is the inflation-adjusted value of all final goods and services produced in any…

Q: What is the “productivity puzzle” and how is it linked to economic growth?

A: Productivity is an economic concept that refers to the calculation of output per unit of input. It…

Q: Does the political freedom existing in democracies always aid economic growth? Why?

A: Economic Growth of a country refer to growth in term of increased production of economic goods and…

Q: A country aims to double real GDP per capita in the next 25 years. If the rate of population growth…

A: Using the rule of 70 Growth rate to double = 70/years=70/25=2.8% Future value, FV = 2 Present value,…

Q: what is differences in the types of incentives that economists propose for increasing economic…

A: Answer: Eсоnоmiс  develорment  inсentives  stаte  аnd  lосаl  gоvernment  effоrts  tо  enсоurаge…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: It is the total value of goods and services that are produced in a country during a given period of…

Q: Explain why there is such a close relationship between changes in a nation’s rate of productivity…

A: ANS Purchasing power (PP) of wage (income) is the amount of services & goods that can be…

Q: From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth…

A: The Gini coefficient gets used to measure the extent of inequality in an economy by comparing the…

Q: À nation's real GDP was $300 billion in Year 1 and $309 billion in Year 2. Its population was 120…

A: When the total amount of goods and services produced in the economy by taking into consideration of…

Q: Most of less developed countries have achieved higher economic growth during the past ten years, but…

A: Underdeveloped countries are characterized by the low level of economic development and standard of…

Q: Assume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The…

A:

Q: A country aims to double real GDP per capita in the next 25 years. If the rate of population growth…

A: Given:Years required to double real GDP per capita=25 yearsRate of population growth=0.9% per year

Q: is it true or false that the growth rate of the GDP per worker for an economy where the capital to…

A: The quantity of capital required to create one unit of output is referred to as the capital output…

Q: Texas 45,091 58.417 Colorado 47,335 59,057 Ohio 42,086 51.456 What is the difference in terms of…

A: The average annual growth rate (AAGR) is the common boom or lower withinside the cost of an funding…

Q: Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year…

A: Rule of 70: - it gives the number of years in which an amount of money gets doubled at a particular…

Q: A nation's real GDP was $300 billion In Year 1 and $309 billion in Year 2. Its population was 120…

A: Real GDP measures the value of goods and services produced in an economy with prices constant. GDP…

Q: What does the level of a nation's GDP measure?What does the growth rate of GDP measure?Would you…

A: As per national income accounting, the income earned by an economy during a period can be gauged by…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: The real GDP of a country relies upon the input of labour multiplied by the productivity of labour.…

Q: Use the table to answer the questions. Define productivity as GDP per worker, and please enter all…

A: GDP per workers refers that how much per worker gives their share in GDP growth  it is also known as…

Q: China had about same per capita GDP as that of India in 1970s. In the intervening decades, per…

A: Government uses fiscal policy to increase economic activities by increasing aggregate demand. Now…

Q: How can you say that there is an economic growth in a particular country? Cite some instances to…

A: Economic growth is an important indicator of the development of a country. Most of the developed…

Q: How to calculate Average annual growth rate of real GDP per worker, Real GDP per person, Real GDP…

A: The real GDP per capita is calculated by dividing the actual GDP by way of the overall…

Q: What can you say about Turkey in the average GDP growth for the next 3 years (2021-2023)?

A: Because of the impact of covid-19 pandemic,Turkey is expected to see decline in GDP in the next 3…

Q: Why is Real GDP a better indicator of productive growth than Nominal GDP ?

A: Gross Domestic Product (GDP) measures the value of final goods and services produced with in the…

Q: Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2…

A: Here, real GDP per person-year before last year =500000/2=250000 real GDP per person last year…

Q: Why is economic growth important? Why could the difference between a 2.5% and a 3% annual growth…

A: Economic growth means an improvement in the output of market products and facilities from one period…

Q: Q)1 a) Canada​'s real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018.…

A: Given: Real GDP: 2017=$ 2016 billion 2018=$2053 billion

Q: What will happen to the annual rate of growth of per capita real Gross Domestic Product​ (GDP) if…

A: In an economy, per capita growth rate refers to the average increase in growth rate according to the…

Q: If a nation's real GDP is growing by 6 percent per year, its real GDP will double in approximately…

A: We shall use the concept called as Rule of 70. To estimate a the time it would take for the nation's…

Q: Which of the following would not necessarily lead to long-term economic growth

A: A rise in the output of goods and services in an economy is referred to as economic development.…

Q: What information does this fact give us about the growth rates of other variables?

A: Real GDP per person refers to the national income of the country in real terms divided by the…