MACROECONOMICS W/CONNECT
18th Edition
ISBN: 9781307253092
Author: McConnell
Publisher: Mcgraw-Hill/Create
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Chapter 22, Problem 2RQ
To determine
True or false.
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Students have asked these similar questions
In the year 2014, the world's average per capita GDP was $14,517. What percent of the world's population
lived in a country with per capita GDP that was below $14,517?
O 21%
43%
56%
OOOO
73%
Show Transcribed Text
Roughly what percent of the world's population live in countries with per capita GDP lower than the average
world per capita GDP?
75%
50%
© 25%
C
10%
Question 2
Suppose that the production function is Y = 10K5L5, the population growth rate is 15 percent
and the depreciation rate is 5 percent. What is the steady state level of k if the economy saves 30
percent?
O 400
O 225
100
O 1000
Question 3
Suppose that the production function is Y 10K SL5, the population growth rate is 15 percent
and the depreciation rate is 5 percent. What is the steady state level of y if the economy saves 30
percent?
250
350
150
O 450
D Question 14
Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2%
per year. How long would it take for the country to double its GDP?
O 7 years
O 14 years
35 years
O Never
Question 15
For the previous question, how long would it take Joshua-land to double its GDP
capita?
per
O 7 years
O 14 years
O 35 years
Never
Question 16
For Joshua land, how long would it take for prices to double?
O 7 years
O 10 years
35 years
O Not enough information
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- On the following scatter plots, the 1960 real per capita GDP is on the x-axis and the y-axis represents the average economic growth rate between 1960 and 2017. Which one shows the strongest evidence in favour of convergence? O 2.5 1960-2017 growth (percent) 2.0 1.5 1.0 3 2 5 5 Convergence 10 1960 GDP (constant dollars per person) Convergence 15 10 15 1960 GDP (constant dollars per person) 20 20arrow_forwardT-shirts 1000 A 500 Costa Rica 500 T-shirts 1000 1000 Rice (Intons) O 750 T-shirts and 750 tons of rice. O 500 T-shirts and 1000 tons of rice. O1500 T-shirts and 1500 tons of rice. O1000 T-shirts and 500 tons of rice. O1000 T-shirts and 1500 tons of rice. 500 0 United States 500 1000 Rice (In tons) Refer to Exhibit 2.1, which shows the production for rice and t-shirts for two countries: Costa Rica and the United States. Assume exactly country produces half of its total production in each good and they are the only producers of T-shirts and rice. What is the total production of T-shirts and rice?arrow_forward2arrow_forward
- 43arrow_forward006.25.0 - MC - MANK08 D Over the last century, U.S. real GDP per person grew at a rate of about a. 2 percent per year, so that it is now 2 times as high as it was a century ago. Ob. 2 percent per year, so that it is now 8 times as high as it was a century ago. O c. 4 percent per year, so that it is now 2 times as high as it was a century ago. d. 4 percent per year, so that it is now 8 times as high as it was a century ago. Darrow_forwardIf a country starts with per capita real GDP of $50 and grows at 4% a year; in 5 years it's per capita real GDP will be O 1.5 O 1.22 O 2 O 1.4arrow_forward
- QUESTION 11 Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its annual growth rate is However, if its annual growth rate is 5%, its GDP will roughly double in O 2 percent; 14 years O 7.5 percent; 10 years O 3.5 percent; 5 years O 2.5 percent; 25 yearsarrow_forward- Suppose that work hours in New Zombie are 200 in year 1, and productivity is $8 per hour worked. What is New Zombie's real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie's rate of economic growth? LO8.4arrow_forward6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the endogenous growth model. What effects does this have on the rates of growth and the levels of human capital, consumption, and output? Explain your results.arrow_forward
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