The following table shows real GDP per hour of work in four imaginary countries in the years 2008 and 2018. Calculate productivity growth for each country. Which country supports convergence theory?  Why? Which country is counter to convergence theory? Why?

In 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in U.S. dollars). India was also one of the world’s fastest-growing economies, with an annual growth rate of real GDP of 7.3%. a. If the country maintains the same growth rate, how many years will it take for India’s GDP to double? b. Bangladesh’s GDP was $286.27 billion, but its growth rate was equal to India’s. How many years will it take for Bangladesh’s economy to double? c. Although Bangladesh and India have the same annual growth rate, their economies are much different in size. How can you explain the size difference to someone who is unfamiliar with scaling large numbers? Which strategies would you use?

Macmillan Learning Classify the statements about growth as true or false. If a statement is an opinion, leave it unplaced. True Governments can control growth rates with the appropriate policies. The industrial revolution brought an era of increased growth rates in the United States Convergence will not occur because of technology growth Answer Bank False Growth in productivity is closely correlated with wage growth Human capital is equivalent to the number of years of education Technology and human capital work againat each other Rich countries all grow faster than poor countries. Poor countries all grow faster than rich countries South Korea's growth can be traced to mainly human capital deepening

Economic growth theories have discussed growth factors from various perspectives. Critically discuss the similarities and differences in growth factors based on Adam Smith's, David Ricardo's, and Harrod-Domar's theories.

Consider a numerical example using the Solow Growth Model, for 2 countries. Country A: d=0.1, s=0.3, n=0.01, z=1, F(K,L)=K0.3n0.7 Country B: d=0.1, s=0.2, n=0.01, z=1.5, F(K,L)=K0.4N0.6 Which Country has a higher level of GDP per capita in steady state? O Country A O Country B Not enough information

Calculate the following using the Rule of 70:  3) How many years will Vietnam grow with a GDP of $260 billion dollars at a growth rate of 7%?  4) How many years will India grow with a GDP of $3 trillion dollars at a growth rate of 3%?  5) How many years will the U.S. grow with a GDP of $19 trillion dollars at a growth rate of 1.9%?

The two major problems facing the economic development of every country are a high unemployment rate and a significant rise in inflation for a prolonged period of time. Based on the above, examine the following two expressions and analyze them: One of the benefits of unemployment is that it allows for higher quality job search and promotes economic efficiency, but it increases the unemployment rate and creates economic recession. Unanticipated high inflation redistributes society's income, diminishes the ability to make long-term plans, and forces individuals, governments, and businesses to carefully evaluate the purchasing power of their assets.

Suppose country X currently produces $1000 of goods and services per year with a constant growth rate of 2.0% per year. Country Y's production is currently $800 with growth of 3.0% per year. Using the rule of 72, how long does it take for country X's production to double? Using the rule of 72, how long does it take for country Y's production to double? years After how long will the two countries have the same level of production? Estimate the level of production when the two countries produce the same amount. $ 36 years 24 years

In Lima one worker can produce either 19 bushels of corn of 6 pounds of tomatoes in one day.  In Puma one worker can produce either 56 bushels of corn or 9 pounds of tomatoes in one day. The country that specializes in tomato production is willing to sell one pound of tomatoes for at least how many bushels of corn? Round to two decimal places.

Productivity and growth policies Consider a hypothetical small island nation in which the only industry is cloud computing. The following table displays information about the economy over a two year period. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year 2039 2040 Physical Capital (Servers) 200 480 Labor Force (Workers) Based on your calculations, productivity from 2039 to 2040. 100 120 Physical Capital per Worker (Servers) Labor Hours (Hours) 4,500 4,200 in physical capital per worker from 2039 to 2040 is asociated with Suppose you're in charge of establishing economic policy for this small island country. Output (TB of data storage) 40,500 75,600 Imposing restrictions on foreign ownership of domestic capital Subsidizing research and development…