Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 22, Problem 22.3RDE
(a):
To determine
Highest and lowest
(b):
To determine
Highest and lowest per capita real GDP that adjusted with purchasing power.
(c):
To determine
Income distribution.
(d):
To determine
Highest and lowest GDP growth rate.
(e):
To determine
Ranking the categories
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Explain 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)
1960
South Korea
Mexico
2012
South Korea
Mexico
Population, total
(in millions)
25
38.7
50
120.8
e
GDP (in billions of
constant 2005
US$)
27.7
127.6
1165.3
1031.1
Source: World Development Indicators.
Calculate per capita GDP for each country and year. Don't use commas or dollar signs, and round to the nearest dollar.
• South Korea, 1960: 1108
• Mexico, 1960: type your answer...
• South Korea: 2012: 23306
• Mexico, 2012: type your answer...
• Did the standard of living rise in both countries? (type either yes or no): type your answer...
• Which country saw the greater increase in living standards? type your answer...
According to the PPF model, why might this country have had a greater increase in living standards? (Type the letter that corresponds to the best answer.)
a. This country created more capital.
b. This country's population increased more.
c. This country adopted more advanced tecnhology.
d. All of the above are consistent with the PPF model and the data.
e. (a) and (c) only…
Which GDP result (current or constant) is more appropriate for comparative purpose with other countries?
Chapter 22 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 22 - Prob. 22.1.1RQCh. 22 - Prob. 22.1.2RQCh. 22 - Prob. 22.1.3PACh. 22 - Prob. 22.1.4PACh. 22 - Prob. 22.1.5PACh. 22 - Prob. 22.1.6PACh. 22 - Prob. 22.1.7PACh. 22 - Prob. 22.1.8PACh. 22 - Prob. 22.2.1RQCh. 22 - Prob. 22.2.2RQ
Ch. 22 - Prob. 22.2.3RQCh. 22 - Prob. 22.2.4RQCh. 22 - Prob. 22.2.5PACh. 22 - Prob. 22.2.6PACh. 22 - Prob. 22.2.7PACh. 22 - Prob. 22.2.8PACh. 22 - Prob. 22.2.10PACh. 22 - Prob. 22.2.11PACh. 22 - Prob. 22.2.12PACh. 22 - Prob. 22.3.1RQCh. 22 - Prob. 22.3.2RQCh. 22 - Prob. 22.3.3PACh. 22 - Prob. 22.3.4PACh. 22 - Prob. 22.3.5PACh. 22 - Prob. 22.3.6PACh. 22 - Prob. 22.4.1RQCh. 22 - Prob. 22.4.2RQCh. 22 - Prob. 22.4.3RQCh. 22 - Prob. 22.4.4PACh. 22 - Prob. 22.4.5PACh. 22 - Prob. 22.4.6PACh. 22 - Prob. 22.4.8PACh. 22 - Prob. 22.4.9PACh. 22 - Prob. 22.4.10PACh. 22 - Prob. 22.4.11PACh. 22 - Prob. 22.4.12PACh. 22 - Prob. 22.5.1RQCh. 22 - Prob. 22.5.2RQCh. 22 - Prob. 22.5.3PACh. 22 - Prob. 22.5.4PACh. 22 - Prob. 22.5.5PACh. 22 - Prob. 22.5.6PACh. 22 - Prob. 22.5.7PACh. 22 - Prob. 22.5.8PACh. 22 - Prob. 22.5.9PACh. 22 - Prob. 22.1RDECh. 22 - Prob. 22.2RDECh. 22 - Prob. 22.3RDE
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