Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 6.A, Problem 3E
a)
To determine
Identify the
b)
To determine
Identify the growth rate for a Latin American economy.
c)
To determine
Identify the growth rate for the Asian economy.
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Suppose we observe the following growth rates in variouseconomies. Discuss whether or not each economy is on its balanced growthpath.(a) A European economy: gY/L = 0.03, gK/L = 0.03.(b) A Latin American economy: gY/L = 0.02, gK/L = 0.01.(c) An Asian economy: gY/L = 0.06, gK/L = 0.15.
Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36 years. How much larger (in percentage terms) is this country if its growth rate is 4.33% instead of 3.13% after 36 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
Starting from year 2023 and assuming that both the annual growth rates of
RGDP and population will remain at the levels in the table below, choose the
correct statement:
Average RGDP growth
Average population
Country
2010-2019 (%)
growth 2010-2019 (%)
China
7.68
0.56
India
6.62
1.23
Vietnam
6.58
1.02
Singapore 4.99
1.34
Data Source: World Bank
O India will double its real GDP per person in 2036.
Vietnam will double its real GDP per person in 2036.
O Singapore will double its real GDP per person in 2043, while China 10
years earlier.
O All the above
Chapter 6 Solutions
Macroeconomics (Fourth Edition)
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