Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 1DQ
To determine
The reason for the U.S to remain as the biggest national economy of the world.
Expert Solution & Answer
Explanation of Solution
United State is the largest national economy in the world. The reason for the U.S to remain as the biggest national economy is the existence of productive population or productive labor force in the economy and accumulated wealth of the nation.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
What was the first government
Of the United States
Why is China still poor in per capita terms despite having the second-largest economy in the world in terms of real GDP?
Fill in the table with information about each economic system.
Chapter 2 Solutions
Economics: Principles & Policy
Knowledge Booster
Similar questions
- An economic system that is based on customs, skills, and cultural beliefs is Traditional True or falsearrow_forwardWhich of the following factors does not help an economy thrive? increased wages low unemployment rates high unemployment rates discretionary incomearrow_forwardKenya is underdeveloped country. What are the some reason behind it? Explain.arrow_forward
- What is your understanding of capitalism? How is capitalism compared to liberalism and neoliberalism? Why does globalization require a country to adopt a liberal market economy?arrow_forwardHow do you think Australian culture differs from other continent's cultures? Provide relevant examples.arrow_forwardWhich non-governmental or multinational organizations are active in Mexico?arrow_forward
- In my opinion, I believe that the United States is not an economically just society. The economic structure lacks balance and an even distribution. The United States economy benefits from our struggles. Healthcare is outrageously expensive, and student loans are almost impossible to pay back. There are opportunities nowadays for the wealthy to remain so, and those in poverty struggle to make their way up. Taxes can be legally written off through business entities, making LLC owners prosperous in regard to finances. When you receive your next paycheck, look at the total amount of tax taken from your earnings. It is a ridiculous number, for what we are paying in taxes. Our tax dollars go straight to the government for "roads" and "education". In reality, we have billions of dollars being sent across the world, and our money is practically thrown away. Our economy is currently extremely unjust, and we have to pay to stay alive in the sense of healthcare and highly taxed food. In order to…arrow_forwardwhat is the United States economic system. and what does globalization have to do with it ?arrow_forwardBillions of people in the world make two dollars a day or less. In fact, a billion people make less than one dollar a day. In such places, a loan of $100 or $200 makes a huge difference. That's where microloans from organizations such as Opportunity International come in. Opportunity International is an organization that grants microloans to people, mostly women, in developing countries so they can invest in a business. Those investments often lead to community growth and employment, and help the owners, themselves, to prosper on a moderate scale. The borrowers must pay back the money with interest—when they do, they can borrow more and keep growing. Opportunity International, unlike some other microlending organizations, also provides a banking function where entrepreneurs can safely put their money. They can also buy some insurance to protect themselves against loss. Opportunity International helps over a million people in over 28 countries, giving them the opportunity to change…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage LearningMacroeconomics: Principles and Policy (MindTap Co...EconomicsISBN:9781305280601Author:William J. Baumol, Alan S. BlinderPublisher:Cengage LearningMacroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
- Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningPrinciples of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage LearningEssentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Macroeconomics: Principles and Policy (MindTap Co...
Economics
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning