Over the last 60 years or so, Korea has been one of the most successful economies in the world. What are the sources of this success? Consider the following data:
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Korea. Over the last 60 years or so, Korea has been one of the most successful economies in the world. What are the sources of this success? Consider the following data:
GDP per capita is expressed in 2017 US dollars. Population and employment are in millions of heads. Capital is in thousands of dollars. Education is a human capital index based on the average years of schooling.
(a) Compute the (average continuously compounded) growth rate of GDP per worker.
(b) Use our growth accounting methodology to allocate growth in output per worker to TFP, capital per worker, and human capital. What factors are most important?
(c) What is the growth rate of GDP per capita? How does it differ from growth in output per worker? Why?
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- (1) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 is Country Year GDP (billions in U.S. $) Population (millions) Estonido 2017 525.50 73 Galicia 1,658.00 118.25 Estonido 2018 721.75 78 Galicia 1,724.30 121.8 (a) $925 for Estonido and $1,412 for Galicia in 2017. (b) $9,253 for Estonido and $14,157 for Galicia in 2017. (c) $7,199 for Estonido and $14,021 for Galicia in 2017. (2) When calculating GDP as the sum total of all spending, which of the following should be included? (a) government purchases of labor, goods, and services. (b) government transfer payments. (c) savings. (3) For productivity to increase (a) the total number of hours worked has to increase. (b) the value of the production per hour worked has to increase. (c) the total production or output has to increase.The table below gives the country's GDP, population size, and price level over a two-year period. 2018 2019 Nominal GDP 8449 18374 Population 240 294 Price index 100 97.55 Given the information above, calculate the following: (f) The Real GDP in 2019 188.35 188.35 (g) Nominal GDP per capita growth rate between 2018 and 2019 117.4 117.4 (h) Real GDP per capita growth rate between 2018 and 2019 0.8198 0010oBARBADOS AND CANADA ECONOMIC GROWTH RATE FOR 2016 TO 2020 NAME OF COUNTRY 2016 2017 2018 2019 2020 BARBADOS 2.449 0.475 -0.58 -0.096 -17.605 CANADA 1.001 3.04 2.43 1.861 -5.313 BARBADOS AND CANADA UMEMPLOYMENT RATE FOR 2016 TO 2020 NAME OF COUNTRY 2016 2017 2018 2019 2020 BARBADOS 9.72 9.86 10 10.1 12.79 CANADA 7 6.3 5.8 5.7 9.5 Examine the data on the economic growth and unemployment rate for 2016-2020(i) What trends do you observe in the unemployment rate? In economic growth?(ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship) Use the data to justify your choice.(iii) Does the relationship observed in part 2 satisfy the…
- what is the nominal GDP per capita for year 2019? refer to the tableYear 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.…Nominal GDP (billions of cunent $) GDP defatar Population growth 101% Date 2007 $14,0618 10630 2008 143691 10n.62 0.93% 2009 14,129.0 109.61 2010 14,660.4 0S0% Use the data in the table above to calculate the economic growth rate for the United States from 2008 to 2009. Give your answer to two decimals. Note that all data is from the end of the year specified.
- Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.Year nominal GDP (in billion) Real GDP and Real GDP per capita population (in million) GDP deflator 2000 9,951 88.72 2005 12,623 100 2010 14,499 110.99 2015 18,012 122.03 a. Which year is the base year? Justify your answer. b. Calculate the real GDP per capita growth from 2000 to 2015. Show your work! 282.296 296.115 309.733 322.583 real GDP real GDP per capitaReal GDP C I G X-M 2500 1430 540 400 90 2400 1360 540 400 100 2300 1290 540 400 110 2200 1220 540 400 120 2100 1150 540 400 130
- Determine the GDP trend in economic growth over the period of 1989 – 1999. Country/Area Year Unit Gross Domestic Product (GDP) Thailand 1989 Baht 1,924,426,113,246 Thailand 1990 Baht 2,263,299,209,116 Thailand 1991 Baht 2,583,490,817,016 Thailand 1992 Baht 2,935,677,642,139 Thailand 1993 Baht 3,263,426,000,000 Thailand 1994 Baht 3,689,090,000,000 Thailand 1995 Baht 4,217,614,000,000 Thailand 1996 Baht 4,638,604,000,000 Thailand 1997 Baht 4,710,310,000,000 Thailand 1998 Baht 4,701,553,000,000 Thailand 1999 Baht 4,789,826,000,000 Transport, storage and communication Wholesale, retail Agriculture, hunting, forestry, fishing (ISIC A-B) Other Mining, Manufacturing, Utilities (ISIC C-E) (ISIC D) trade, restaurants Total Manufacturing Construction and hotels (ISIC G- Activities Value Country/Area Year Unit (ISIC F) H) (ISIC I) (ISIC J-P) Added Thailand 1989 Percentage 9.8 15.5 16.1 28.9 9.7 10.6 8.2 11.9 Thailand 1990 Percentage -4.7 15.1 15.6 21.9 10.9 14 13.8 11.8 Thailand 1991 Percentage…Given the statistics in the table below, which of the following statements is true? Bangaladesh GDP per person (2010 constant U.S. dollars) $1002.39 $1062.04 $1127.27 $1203.22 Year 2015 2016 2017 2018 Kenya GDP per person (2010 constant U.S. dollars) $1093.13 $1129.71 $1157.05 $1202.13 From 2015 to 2018, Kenya's standard of living always exceeded Bangladesh's standard of living. By the year 2018, Bangladesh had caught up with Kenya in terms of standard of living. From 2015 to 2018, Kenya's economic growth always exceeded Bangladesh's economic growth. From 2015 to 2018, Kenya's economic growth rate was always negative.Calculate per capita real GDP for Silesia for 1994 and 2019.