Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 17, Problem 2CQQ
To determine
Comparison of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. Haiti is one of the poorest countries in the world. Suppose you were asked to be an advisor to the policymakers of Haiti. Please briefly discuss two policies that you would recommend to them to promote economic development in their country.
a. Explain what is the income inequality in global economic issue.
b. Explain what are the causes of income inequality in global economic issue.
c. Explain what are the consequences of income inequality in global economic issue.
Based off of the article, what three poverty traps help explain the plight of nations comprising the poorest billion people? Explain in 10 sentences min.
Article:
The Poorest Billion Not long ago, the world was one-sixth rich and five-sixths poor. Now, thanks to impressive growth in places like China, the world is more like one-sixth rich, two-thirds not rich but improving, and one-sixth poor and going nowhere. Most developing economies are experiencing a rising standard of living. But that still leaves about a billion people trapped in economies that are not only extremely poor, but stagnant or getting worse. All told, about 45 countries fit into this poorest-billion category, including 30 countries in sub-Saharan Africa plus the likes of Cambodia, Haiti, Laos, Myanmar, North Korea, and Yemen. Economist Paul Collier, of Oxford University in England, has examined what went wrong with these ātrapped countries.ā Based on decades of research, he identifies some poverty traps. About 750ā¦
Chapter 17 Solutions
Essentials of Economics (MindTap Course List)
Ch. 17.1 - Prob. 1QQCh. 17.2 - Prob. 2QQCh. 17.3 - Prob. 3QQCh. 17 - Prob. 1CQQCh. 17 - Prob. 2CQQCh. 17 - Prob. 3CQQCh. 17 - Prob. 4CQQCh. 17 - Prob. 5CQQCh. 17 - Prob. 6CQQCh. 17 - Prob. 1QR
Ch. 17 - List and describe four determinants of...Ch. 17 - Prob. 3QRCh. 17 - Prob. 4QRCh. 17 - Prob. 5QRCh. 17 - Prob. 6QRCh. 17 - Prob. 7QRCh. 17 - Prob. 8QRCh. 17 - Prob. 1PACh. 17 - Prob. 2PACh. 17 - Prob. 3PACh. 17 - Prob. 4PACh. 17 - Prob. 5PACh. 17 - Prob. 6PACh. 17 - Prob. 7PACh. 17 - Prob. 8PACh. 17 - Prob. 9PA
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
- What are the four basic factors of production? Provide at least one example of each factor of production and discuss how that factor is used economically.arrow_forwardThe Importance of Productivity Two well-known economists, William Baumol and Alan Blinder, have stated that, in the long run, “nothing contributes more to reduction of poverty, to increases in leisure, and to the country’s ability to finance education, public health, environmental improvement and the arts” (1991, 356) than the rate of growth of productivity. 1. Define productivity. 2. See if you can verify Baumol and Blinder’s very strong claim (“nothing contributes more ...”) through the following exercise. Assume GDP in the United States is $10 trillion and that the labor force remains constant in size and fully employed. Estimate the value of GDP in one year’s time if productivity growth is 3%. What if it were only 2%? How much will GDP fall in two years’ time if productivity growth remains at 2% rather than 3%? In three years? 3. Why might environmental regulation reduce productivity growth? 4. Why might it increaseā¦arrow_forwardAccording to Simon Kuznets, what drives the decrease in income inequality? According to French economist Thomas Piketty, how does the relationship between the interest rate, r, and the economic growth rate, g, influence the Great Divergence? According to Simon Kuznets, the decrease in income inequality arises from A. progressive income taxation O B. strengthening of labor unions C. market forces in a dynamic economy O D. wage and price controls French economist Thomas Piketty, says that the Great Divergence is a consequence of where r is the interest rate and g is the economic growth rate. O A. rg O D. r=g Click to select your answer. MacBook Air DII 888 :äŗ. F8 80 F7 F6 F5 F4 F3 esc F2 F1 2$ 8. 4 #3arrow_forward
- According to Charles Wheelan's Naked Economics, which of the below is NOT TRUE for human capital? Group of answer choices: a. Human capital increases productivity. b. Human capital makes for healthier people. c. Human capital increases earning potential of workers. d. Human capital increases the cost of labor and makes a nation less competitive globally. e. Human capital makes for better parents.arrow_forwardWhat is likely to happen to income inequality in a developing country as it undergoes rapid industrialization? A. Income inequality will decrease significantly. B. Income inequality will remain the same. C. Income inequality will increase initially, but may decrease over time. D. Income inequality will increase and continue to rise indefinitely.arrow_forwardTell One Positive and normative statement about universal basic income in Canada in any article.arrow_forward
- Problem 4 Assume that total output is determined by the formula: Total Output = Number of Workers x Productivity (a) If the workforce is growing by 1 percent a year but productivity doesnāt Ā improve, how fast can output increase? (b) If productivity increases by 3 percent and the number of workers increases by 1 percent a year, how fast will output grow? Problem 5 According to the News Wire āInequality,ā what is the average per capita income in nations where the highest-income decile gets (a) over 45 percent of total income? (b) less than 30 percent of total income?arrow_forwardMust we have inequality for economic growth? A. Yes, disparities in income and wealth encourage hard work and saving. B. Yes, the richer individuals are in society, the more they can invest their capital in society and produce jobs for all. C. No, inequality stymies economic growth. More unequal nations grow less quickly than more equal societies - potentially due to speculative spending, and low healthcare outcomes and educational attainment for poorer people leading to less productivity.Ā D. No, it is mean spirited and makes people dislike each other.arrow_forward1) Are there ways that someone can use to account for a country's equitable distribution of income (and/or economic well-being)? if so how is it possible? 2)Ā What is the equivalent organization to OECD (Organization for Economic Co-operation and Development) that primarily focuses on lesser developed and developing countries? 3)Ā What are the substantive issues/discussions in the The World Economic Forum unfolding at Davos Switzerland pertaining to economic and international economic issues. 4)Ā What are the ideas by M. Feldstein and C. Horiokaabout on current account and/or balance of paymentsĀ issues?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Principles of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781285165912Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher: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
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
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