Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Chapter 4, Problem 5RQ
To determine
Explain how the
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Two students are discussing the pros and cons of different measures of economic development. “GDP per capita,” declares the first, “is the only true measure of how developed a country’s economy is.’ The second student counters, “I disagree. The only true measure of a country’s economic development is its people’s quality of life, regardless of its GDP.” Why is each of these students incorrect?
The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars).
1. Identify the countries that experienced sustained growth between 1820and 2010.
What has surprised you most about the measurement of economic development?
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- What can you say about Turkey in the average GDP growth for the next 3 years (2021-2023)?arrow_forwardSuppose there are two countries, India and Bangladesh. In country India, Real GDP grows by 3 percent each year. In country Bangladesh, Real GDP is the same each year: If Real GDP was $1000 billion last year, it is $1000 billion in the current year, and it will be $1000 billion next year. In which of the two countries would you prefer to live, ceteris paribus? Why? Explain.arrow_forwardWhat is GDP per capita and why is it useful in measuring differences in living standards between different countries?arrow_forward
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