* 6. U.S. growth: On page 52, the United States between 1870 and 1929 was slightly lower than 2,0% the growth rate between 1950 and 2018 was slightly higher. Using the follows table, calculate the actual average annual growth rates during these two period Year U.S. income 1870 $3.629 1929 $9,827 $16,294 $61.125 1950 2018

* 6. U.S. growth: On page 52, the United States between 1870 and 1929 was slightly lower than 2,0% the growth rate between 1950 and 2018 was slightly higher. Using the follows table, calculate the actual average annual growth rates during these two period Year U.S. income 1870 $3.629 1929 $9,827 $16,294 $61.125 1950 2018

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 22CTQ: Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita...

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Similar questions

An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
An economy starts off with a GDP per capital of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3 for 10 years? 3 for 30 years? 6 for 30 years?
What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.
Cross country comparisons of GDP per capita typically use purchasing power parity equivalent exchange rates, which are a measure of the long run equilibrium value of an exchange rate. In fact, we used PPP equivalent exchange rates in this module. Why could using market exchange rates, which sometimes change dramatically in a short period of time, be misleading?
List the areas where government policy can help economic growth.