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Over the past century, real GDP per person in the United States has grown about ________ percent per year, which means it doubles about every ________ years.
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Number of years requires doubling the GDP:
The real GDP of the United State is growing annually at a rate of around 2 percent, the numbers of year required to double the GDP can be calculated by using the Rules of 70.
Rules of 70:
…… (1)
Substitute the respective values in Equation (1) to obtain the require number of years to double the GDP.
It takes
years to double the GDP of the United State.
Thus, the option 'b' is correct.
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When the Japanese car maker Toyota expands one of its car factories in the United States, what is the likely impact of this event on the GDP and GNP of the United States?
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Foreign entity's earnings in domestic territory:
Gross domestic product (GDP) refers to the market value of all final goods and services produced in an economy during an accounting year. In contrast, Gross national product (GNP) refers to the market value of all final goods and services produced with in a nation plus income earned by its citizen located in abroad and minus income of non-resident located in that country.
A company form Japan expands its car factory in the United States. The income earn from the factory will add to the GDP of the United State and subtract from the GNP of the United State. Therefore, increase in GDP of the United State is seems to be larger than GNP.
Thus, the option 'c' is correct.
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In what way is a college degree a form of capital?
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College education is one source of human capital. Human capital is the knowledge and skills that workers acquire through education, training and experience. Human capital is one of the four factors to determine productivity. Human capital also has positive externality. When a worker with college degree discovers new way of doing a job more efficiently the knowledge will spread to the whole firm and society, which brings more socially benefit than the benefit that the college degree holder receives. Hence, college degree is a form of capital.
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Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts?
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In the 1990s and the first decade of the 2000s, investors from the Asian economies of Japan and China made significant direct and portfolio investments in the United States. At the time, many Americans were unhappy that this investment was occurring.
a. In what way was it better for the United States to receive this foreign investment than not to receive it?
b. In what way would it have been better still for Americans to have made this investment?
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Because capital is subject to diminishing returns, higher saving and investment does not lead to higher
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Societies choose what share of their resources to devote to consumption and what share to devote to investment. Some of these decisions involve private spending; others involve government spending.
a. Describe some forms of private spending that represent consumption and some forms that represent investment. The national income accounts include tuition as a part of consumer spending. In your opinion, are the resources you devote to your education a form of consumption or a form of investment?
b. Describe some forms of government spending that represent consumption and some forms that represent investment. In your opinion, should we view government spending on health programs as a form of consumption or investment? Would you distinguish between health programs for the young and health programs for the elderly?
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Most economists are ________ that natural resources will eventually limit economic growth. As evidence, they note that the prices of most natural resources, adjusted for overall inflation, have tended to ______________________ over time.
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International data show a positive correlation between income per person and the health of the population.
a. Explain how higher income might cause better health outcomes.
b. Explain how better health outcomes might cause higher income.
c. How might the relative importance of your two hypotheses be relevant for public policy?
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The great 18th-century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things." Explain how each of the three conditions Smith describes would promote economic growth.
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In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
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The world's rich countries, such as Japan and Germany, have income per person that is about ________ times the income per person in the world's poor countries, such as Pakistan and India.
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Suppose that society decided to reduce consumption and increase investment.
a. How would this change affect economic growth?
b. What groups in society would benefit from this change? What groups might be hurt?
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Explain how higher saving leads to a higher standard of living. What might deter a policymaker from trying to raise the rate of saving?
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Why would removing a trade restriction, such as a tariff, lead to more rapid economic growth?
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What does the level of a nation's GDP measure? What does the growth rate of GDP measure? Would you rather live in a nation with a high level of GDP and a low growth rate or in a nation with a low level of GDP and a high growth rate?
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