1. GDP is abbreviation of a) General Gross Price c) Gross Development Projects b) Gross Domestic Price d) Gross Domestic Product 11. GNP is abbreviation of a) Gross National Price c) General National Product b) Gross National Product d) None of these | Lewis give the economic development model 111. a) 1954 b) 1951 b) 1854 c) 1953
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Q: GDP
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- Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. Economic Growth and Economic Development b. Stock Variable and Flow VariableQ) The economist of country A is considering the following list of policies. For each of the following policies, determine which factor of growth that the policy is related to((1) natural resources; (2) physical capital; (3) human capital; (4) technology; or(5) institutions): a) Government allows more workers to immigrate b) Government relaxes the regulations for firms to borrow c) Government lends money to farmers to buy machines. d) Government plants more trees to protect the environment. e)Government encourages citizens to vote Solve this earlyIn this discussion, the author includes all of the below ideas EXCEPT for this one. Which of the below statements DOES NOT match with the ideas expressed by Business cycles, recessions, and how one assesses the strength and well-being of an economy Group of answer choices Economic growth is measured by the growth of the GDP -which represents the total value of all goods and services produced in an economy. China may be considered to be a richer country than the United States because China's GDP (of around $23 trillion) is bigger than the GDP of the U.S. ($20 trillion). [FYI China's population: 1.386 billion; U.S. population: 326 million] GDP is a perfect measure of human well-being and prosperity. The U.S. has a real per capita income of $60,000, while the corresponding per capita income in China was below $17,000 (both, 2017 numbers).
- QUESTION ONE Consider the following extract and answer the question that follows. In his 2020 State of the Nation Address (SONA), president of South Africa humbly noted that. "Even if we (the government) were to marshal every single resource at our disposal, and engage on a huge expenditure of public funds, we would not alone be able to guarantee employment to the millons of people who are out of wark". and that "Without growth there will be no jobs, and without jobs there will be no meaningful improvement in the lives of our people". Adapted from: https://www.gov.za/speeches/president-cynl-ramaphosa-2020-state-nation-address-13- feb-2020-0000 Accessed: 22/02/2020 Using the South African SONA 2020 as a referenc, discuss examples of the different ways that the South African government intervenes in the economy.A change in the total amount of labour in the Romer model causes... a level effect only on GDP per capita a growth rate effect only on GDP per capita both a level and growth rate effect on GDP per capita none of the aboveSOLOW’S MODEL Consider following information from China and New Zealand in table: China New Zealand Real per capita GDP growth, 2012-2019 (average %) 6.5% 1.6% Real GDP per capita, 2012 (in constant 2017 USD) 11,169 32,989 Real GDP per capita, 2019 (in constant 2017 USD) 16,655 45,555 Average savings rate, 2012-2019 (% of real GDP) 43.7% 21.4% Capital stock, 2019 (in millions of constant 2017 USD) 14,283,969 409,160 Population (in millions) 1,434 4.8 Population growth (in %) 0.5% 1% Capital depreciation rate (in %) 3% 3% Production function in both economies has following functional form: Yt = A* K1/3 * L2/3 Where Yt denotes aggregate GDP in period t, Kt is aggregate capital stock, Lt is employment (assumed equal for whole population) and A is total factor productivity. Using information provided in table, explain from SOLOW MODEL perspective what factors could explain differences in average GDP per capita…
- 1. 2. Explain why macroeconomic analysis is particularly concerned with issues of economic growth, unemployment, inflation, and balance of payments? "Economic growth does not necessarily reduce the number of unemployed workers". Explain this statement.Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer choices 20 16 25 122. In 2021, India's GDP per capita was USD 2256, and 7248 in PPP dollars. For the same year, Brazil's GDP per capita was USD 7507 and 16031 in PPP dollars. Which country has the higher price index? According to the Balassa Samuelson hypothesis, which country has the higher relative productivity of tradable? 3. In the theoretical Malthusian model, the law of motion of population is given by Lt+1 = nt Lt. However, we use the equation Lt+1 = 2 (AX)" (L)¹-a to solve the model. Explain how the two equations relate, and why we can't use the first one to solve for the evolution of population directly. 4. Suppose the utility function of parents is given by u(c, n, h) = (1-y) lnc + y(lnn + ß lnh), where c is consumption, n is number of children, and h is their human capital. As in the model we saw in class, h = h(e, g) where e is the level of education of the child and g is the growth rate of technology. Interpret the parameter 3. What does it mean for the cross derivative of h with respect to…
- The determinants of productivity Consider a simple economy whose only industry is fishing. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Examples Human Capital per Worker Natural Resources per Worker Physical Capital per Worker Technological Knowledge The fertile waters in which the fish feed and breed An advanced mapping system that determines the likelihood of finding fish schools in different depths and locations The skills workers develop through training before working on and piloting boats The boats in the fishing fleetThe data below are from the economies of Ishgandar and Nonburmia. Ishgandar Nonburmia Year Population GDP Deflator Nominal GDP Year Population GDP Deflator Nominal GDP 1 5 100 $200 1 10 100 $300 2 5 125 $375 2 10 110 $440 (e) Assume that in Year 1 Nonburmia is operating inside its production possibilities curve and that Nonburmia’s production possibilities curve remains unchanged from Year 1 to Year 2. As a result of the change in real GDP from Year 1 to Year 2, does Nonburmia’s economy move closer to or farther away from its production possibilities curve? Explain using numbers for real GDP and state what will happen to cyclical unemployment in the short run.Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 1. How many units of corn will the US produce should it exhaust all its labor force to produce corns? Group of answer choices 20 16 25 Not enough data 2. How many units of corn will India produce should it exhaust 3/4s of its labor force to produce corns? Group of answer choices 20 16 25 12 3. Between the USA and India, which country has a comparative advantage in the production of automobiles? Group of answer choices India USA None of the countries Not enough data 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer…