Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 19, Problem 31P
Ethiopia has a
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GDP per capita for the U.S. and Bhutan. How do they compare? What do the GDP per capita calculations indicate with respect to standards of living in each country? Now, research Gross National Happiness (GNH). Compare GNH in Bhutan to Bhutan’s GDP. Which measure do you think is the most useful measure in evaluating a nation’s standard of living?
South Africa has a GDP of $10 billion (measured in U.S. dollars) and a population of 45 million. Ecuador has a GDP of $12 billion (measured in U.S. dollars) and a population of 4.5 million. Calculate per capita GDP for each country.
Question 24 options:
South Africa = $222.22; Ecuador = $2,666.67
South Africa = $22.22; Ecuador = $266.67
South Africa = $2222.22; Ecuador = $26,666.67
South Africa = $22.22; Ecuador = $2,666.67
Per capita GDP is used to measure a country's standard of living. What other economic factors impact the day-to-day
life of citizens in a country?
Chapter 19 Solutions
Principles of Economics 2e
Ch. 19 - Country A has export sales of 20 billion,...Ch. 19 - Which of the following are included in GDP, and...Ch. 19 - Using data from Table 19.5 how much of the nominal...Ch. 19 - Without looking at Table 19.7, return to Figure...Ch. 19 - According to Table 19.7, how often have recessions...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - Is it possible for GDP to rise while at the same...Ch. 19 - The Central African Republic has a GDP of...Ch. 19 - Explain briefly whether each of the following...
Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - Would you usually expect GDP as measured by what...Ch. 19 - Why must you avoid double counting when measuring...Ch. 19 - What is the difference between a series of...Ch. 19 - How do you convert a series of nominal economic...Ch. 19 - What are typical GDP patterns for a high-income...Ch. 19 - What are the two main difficulties that arise in...Ch. 19 - List some of the reasons why economists should not...Ch. 19 - U.S. macroeconomic data are among the best in the...Ch. 19 - What does GDP not tell us about the economy?Ch. 19 - Should people typically pay more attention to...Ch. 19 - Why do you suppose that U.S. GDP is so much higher...Ch. 19 - Why do you think that GDP does not grow at a...Ch. 19 - Cross country comparisons of GDP per capita...Ch. 19 - Why might per capita GDP be only an imperfect...Ch. 19 - How might you measure a green GDP?Ch. 19 - Last year, a small nation with abundant forests...Ch. 19 - The prime interest rate is the rate that banks...Ch. 19 - A mortgage 105m is a loan that a person makes to...Ch. 19 - Ethiopia has a GDP of 8 billion (measured in U.S....Ch. 19 - In 1980, Denmark had a GDP of 70 billion (measured...Ch. 19 - The Czech Republic has 3 GDP of 1,800 billion...
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- Use Wikipedia to find GDP per capita for the U.S. and Bhutan. How do they compare? What do the GDP per capita calculations indicate with respect to standards of living in each country? Now, research Gross National Happiness (GNH). Compare GNH in Bhutan to Bhutan’s GDP. Which measure do you think is the most useful measure in evaluating a nation’s standard of living?arrow_forwardwhat was the gdp and gnp of the united states in 2000arrow_forwardAccording to the table, Canada has the eleventh-highest GDP among the countries with the largest economies in the world. Does this mean Canada also has the eleventh-best standard of living? Fill in the blanks to complete the passage. World's Largest Economies by GDP, 2013 (1) (2) Country (3) (4) Per capita GDP (U.S. dollars) Rank 2013 GDP (billions of U.S. dollars) $53,042 United States $16,768 1 6,807 2 China 9,240 38,634 3 Japan 4,920 46,269 4 Germany 3,730 42,503 5 France 2,806 United Kingdom 41,787 6 2,678 11,208 7 Brazil 2,246 2,149 35,926 8 Italy 18,783 Russia 2,097 1,499 10 India 1,877 11 Canada 1,827 51,958 Drag word(s) be low to fill in the blank(s) in the passage. Canada's GDP is a that Canadians have the eleventh-best standard of living. A nation's better standard-of-living indicator, because it measures Using this measure, it looks like Canada has a better standard of living than all but one other nation. total productivity indicates does not indicate per capita GDP average…arrow_forward
- The Central African Republic has a GDP of $234,000 million and a population of 4.862 million. Calculate the GDP per capita of Central African Republic. Group of answer choices $46,890 per person $ 50,000 per person none of the abovearrow_forwardCalculate real GDP per capita for each region in 2014 using the following data. Round answers to the nearest dollar Region Estimated 2014 population Real GDP California 38.68 million $2,141,906 France 66.33 million $1,507,209 Canada 35.54 million $2,602,646.25arrow_forward“The GDP of a country does provide an accurate indicator of the welfare of its citizens”arrow_forward
- Use the table below to answer the following questions. GDP per capita 2015 ($) 3, 664 4, 102 2, 007 10, 860 8, 603 GDP per capita 2020 ($) Country Bolivia China Ghana 4, 592 7, 519 2,615 15, 854 11, 239 Argentina Brazil Which of the countries had the highest level of per capita income in 2020? Ghana O Brazil O China O Bolivia O Argentina Which country had the highest rate of income growth from 2015 to 2020? O Ghana O Bolivia O China Brazil O Argentina Do incomes in these countries appear to be converging? O Yes, the countries with the highest income levels do not have faster growth. O Yes, the countries with the lowest income levels do not have faster growth. O No, the countries with the highest income levels do not have faster growth. O No, the countries with the lowest income levels do not have faster growth.arrow_forwardWhat is GDP (50 words only)arrow_forwardCalculate the real GDP in this country. (Need help with all)arrow_forward
- Given the following information for a country: Year 1981 1986 1991 GDP(current prices, mil) 282,596 608,807 1,244,741 Population (mil) 49.54 56 62.87 GDP deflator (1997= base year) 16.45 37.93 64.49 Calculate real GDP for all the years. Calculate real GDP per capita for all the years.arrow_forwardConsider the table of GDP and population for several imaginary countries. Country GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars Wrigleyville 511.0 189.0 Longhornland 2209 167 Dinkytown 243.00 1.100 Using this information, please answer the questions. If there is not enough information to answer a question, please enter −11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. $arrow_forwardCalculate real GDP for all yearsarrow_forward
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