Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 16, Problem 11CQ
To determine
Explain the economist view on per person income.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Why did Malthus err in predicting that families would have more children as incomes increased?
What determines growth in post-Keynesian (post-Kaleckian) models? What are the
effects of inequalities in functional income distribution and gender on the economy?
Discuss both the demand and supply side effects.
Can you describe the limitations of classical economics in terms of enhancing economic conditions?
Chapter 16 Solutions
Macroeconomics: Private and Public Choice (MindTap Course List)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- From the economist’s point of view the term needs is objectively indefinable." Your instructor disagrees. The fact that we talk about poverty and unemployment rates in economics would contradict Miller's statement. Food, shelter and clothing are considered basic needs. But what is needed to live in Southeastern Michigan in the 21st Century? For example, would you consider a car to be a necessity?arrow_forwardHow does the IS-IM model shift in regards to the implementation of universal basic income?arrow_forwardWhat determines growth in (post-Kaleckian) models? What are the effects of inequalities in functional income distribution and gender on the economy? Discuss both the demand and supply side effects.arrow_forward
- Define economics in terms of wealtharrow_forwardIs Income determined by the Scarcity of Your Contribution, and Not the Value of Human Worth?arrow_forwardConsider the U.S. during the Great Depression and WWII –fertility rates were low (between 1929 and 1945 total fertility rate (TFR) was about 2.5 per woman aged 15-44). a.What does a fertility rate of 2.5 per woman mean? Through the 1960s, the U.S. saw a baby boom (TFR of 3.4 between 1946 and 1964). However, since 1980 the TFR has fallen below 2.1. b.What may explain the fall in fertility after the 1980s? c.Even though the fertility rate fell to replacement rate in 1980, population was still growing in the U.S. during the 1980s. Explain d. Describe what happened to the proportion of old-age population: i.during the baby boom ii.after 1980arrow_forward
- According to World Bank (2012), in Ethiopia, the poorest 20 percent of population received 9.3 percent of income or consumption and the richest 20 percent of population received 39.4 percent of income or consumption; in South Africa, the poorest 20 percent of population received 2.7 percent of income or consumption and the richest 20 percent of population received 68.2 percent of income or consumption. What conclusion can we reach based on the above statistics?arrow_forwardWhy did classical liberals argue against creating a welfare state?arrow_forwardA service-based economy is less likely to be a source of prosperity than a goods-based economy. true or false?arrow_forward
- Increases in GNP per capita are often interpreted as increases in welfare. What are some problems with this interpretation? What do you think is the biggest problem with it, and why?arrow_forwardIf a country decides to have a UBI (Universal Basic Income) policy, what are some ways using which the government can generate money and resources to pay for UBI?arrow_forwardWhy are many people now living at the highest level of material prosperity in history? Is this level of consumption sustainable? How can we consume less while improving our quality of life?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Forecasting: Exponential Smoothing, MSE; Author: Joshua Emmanuel;https://www.youtube.com/watch?v=k_HN0wOKDd0;License: Standard Youtube License