Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 17, Problem 2WNG
To determine
Role of advance in technology for increase GDP.
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What do economists mean when they refer to improvements in technology?
Go to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.
Explain how a technological advancement in one sector of the economy can lead to a change in the number of people who work in another sector of the economy. Give an example to help support your answer.
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- There are two countries in the world: Happytimes and Treehausland. Both countries currently have a GDP per capita of 1. Use the information in the table about growth and productivity to answer the questions. Round all numerical answers to two decimal places. Country Growth rate of GDP per capita Happytimes 0.086 Treehausland 0.031 What is GDP per capita in Happytimes in 21 years21 years ? Happytimes's GDP: $ What is GDP per capita in Treehausland in 21 years21 years ? Treehausland's GDP: $ In 21 years21 years , Happytimes grows how many times more than Treehausland? Happytimes's growth: times Treehausland's growtharrow_forwardWhy do you think most western countries GDP has not grown as fast as China's GDP over the last 10 years? If you were in charge of trying to make a country like Spain's economy grow faster what would you do?arrow_forwardHello, Can you explain? Can a technological advancement in sector “ X” of the economy affect the number of people who work in sector “Y” of the economy? Explain.arrow_forward
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