Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 17, Problem 2SQP
To determine
The problems with GDP per capita while comparing rich and poor countries.
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What is GDP per capita and why is it useful in measuring differences in living standards between different countries?
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Per capita GDP measures?
Chapter 17 Solutions
Micro Economics For Today
Ch. 17.2 - Prob. 1GECh. 17.2 - Prob. 2GECh. 17 - Prob. 1SQPCh. 17 - Prob. 2SQPCh. 17 - Prob. 3SQPCh. 17 - Prob. 4SQPCh. 17 - Prob. 5SQPCh. 17 - Prob. 6SQPCh. 17 - Prob. 7SQPCh. 17 - Prob. 8SQP
Ch. 17 - Prob. 9SQPCh. 17 - Prob. 10SQPCh. 17 - Prob. 11SQPCh. 17 - Prob. 12SQPCh. 17 - Prob. 1SQCh. 17 - Prob. 2SQCh. 17 - Prob. 3SQCh. 17 - Prob. 4SQCh. 17 - Prob. 5SQCh. 17 - Prob. 6SQCh. 17 - Prob. 7SQCh. 17 - Prob. 8SQCh. 17 - Prob. 9SQCh. 17 - Prob. 10SQCh. 17 - Prob. 11SQCh. 17 - Prob. 12SQCh. 17 - Prob. 13SQCh. 17 - Prob. 14SQCh. 17 - Prob. 15SQCh. 17 - Prob. 16SQCh. 17 - Prob. 17SQCh. 17 - Prob. 18SQCh. 17 - Prob. 19SQCh. 17 - Prob. 20SQ
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Similar questions
- What cause GDP per capita to be low compare to its GDParrow_forwardthe measurement method of per capita income in Turkey has been changed in 2016.What is wrong with it?What’d happen to GDP per capita if Turkey has not made this revision?Do the other countries also apply such revisions?arrow_forwardExplain why GDP per capita comparison among nations are not a perfect measure of differences in economic well-being. (Hint: there are four problems with using GDP per capita to compare rich versus poor countries)arrow_forward
- Which GDP result (current or constant) is more appropriate for comparative purpose with other countries?arrow_forwardPlease explain correctly. Economics According to the 2016 Human Development Report (see pp. 198-201), Pakistan fares more poorly in the HDI ranking (148) than in the GNI per capita (PPP US$) ranking (138). Argentina fares better in the HDI ranking (45) than GDP per capita (57). Are these results surprising? How would you explain the discrepancy in the rankings?arrow_forwardIs it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?arrow_forward
- Per capita GDP is used to measure a country's standard of living. What other economic factors impact the day-to-day life of citizens in a country?arrow_forwardHow much should you earn to make a living in different countries?How much money you think you would need for a decent living in yourcountry. Consider different situations for a household of 1, 2, 3, 4people.How that compares to GDP/capita?Build a table that would display the real difference in the wealth ofnations.arrow_forwardIs GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a country's well-being? How should a country’s well-being be measured?arrow_forward
- In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?arrow_forwardExplain why GDP per capita is a better measure of a nation’s standard of living that GDP. What other factors, besides GDP per capita, impact a nation’s standard of living?arrow_forwardConsider the table of GDP and population for several imaginary countries. Country GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars Wrigleyville 511.0 189.0 Longhornland 2209 167 Dinkytown 243.00 1.100 Using this information, please answer the questions. If there is not enough information to answer a question, please enter −11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. $arrow_forward
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