MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Chapter 20, Problem 1DQ
To determine
To Explain: The effect of rapid growth in Japan on US economy.
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Answer the following questions in your discussion response:
What are the necessary ingredients for a nation to experience greater rates of economic growth, higher average standards of living, and a greater ability to compete in the global economy? That is, what could the U.S. do to achieve all this?
Reflect on the changes in China. Can the country continue to be a manufacturing floor for the rest of the world as more Chinese move up in their income categories? What are the implications of the country’s incredible growth?
In 2018, according to the International Monetary Fund, India had the world’s 7th-highest nominal GDP, the 142nd-highest nominal GDP per capita, and the 7th-highest real GDP growth rate. What does each of these indicators tell us about the Indian economy and how life in India compares to life in other countries?
India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (142nd-highest nominal GDP per capita), but has a rapidly increasing standard of living (7th-highest real GDP growth rate).
India has a huge economy that produces lots of goods and services (142nd-highest nominal GDP per capita), is still fairly poor (7th-highest nominal GDP), but has a rapidly increasing standard of living (7th-highest real GDP growth rate).
India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (7th-highest real GDP growth rate), but has a rapidly increasing standard of…
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- 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.arrow_forwardWhat is globalization. What is the pro and con of it.arrow_forwardCalculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth=2.6 percent; real output growth = -1.4 percent. Real growth per capita:% b. Estonia: population growth=-0.3 percent; real output growth 4.3 percent. Real growth per capita: % c. India: population growth = 2.1 percent; real output growth 6.2 percent. Real growth per capita: % d. United States: population growth = 0.4 percent; real output growth 2.6 percent. Real growth per capita: %arrow_forward
- what causes two countries to have similar savings rates but different growth ratearrow_forwardHow did American participation in the global economy evolve over the course of the nineteenth century? How do these patterns reflect shifts in the domestic economic structure of the United States?arrow_forwardInternational data show a positive correlation between political stability and economic growth. Through what mechanism could political stability lead to economic growth?arrow_forward
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