ECF1200 Chapter Notes - Chapter 6: Longrun, Diminishing Returns, Robert Solow

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18 Oct 2018

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Economic growth over time and around the world. Learning objective: describe global trends in economic growth. 1. 4 use the data on real gdp in this table to answer the following questions. 395: the annual rate of economic growth is calculated as the percentage change in real. Gdp from the previous year: for example, the rate of economic growth for brazil in 2010 equals. [(cid:4666)(cid:2779) (cid:2779)(cid:2778)(cid:4667)/(cid:2779)(cid:2778)] (cid:2778)(cid:2777)(cid:2777) = (cid:2777). (cid:2779)(cid:2777)% average of the growth rates for each year: the average annual growth rate between 2012 and 2014 is calculated as the simple. Briefly explain: brazil experienced the worst economic recession during 2015. c which country experienced the highest average annual growth rate between 2012 and. 2014: brazil experienced the highest avg. annual growth rate between 2012 and 2014. Learning objective: use the economic growth model to explain why economic growth rates differ between countries. 2. 1 using the per-worker production function graphs from fig.

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Annual Growth Rates of Real GDP Per Capita (in percents)
Ending Year
1929
1933	-8.2
1939	0.2
1940	0.9
1945	3.7	10.3
1950	2.4	4.1	-1.8
1955	2.4	3.6	0.4	2.7
1960	2.2	2.9	0.6	1.7	0.8
1965	2.4	3.0	1.3	2.3	2.1	3.5
1970	2.3	2.9	1.5	2.3	2.2	2.9	2.3
1975	2.3	2.7	1.5	2.2	2.0	2.4	2.0	1.6
1980	2.3	2.7	1.7	2.2	2.1	2.5	2.2	2.1	2.6
1985	2.3	2.6	1.7	2.2	2.2	2.4	2.2	2.1	2.4	2.2
1990	2.3	2.6	1.8	2.2	2.2	2.4	2.2	2.2	2.4	2.2	2.3
1995	2.2	2.5	1.7	2.1	2.1	2.3	2.1	2.0	2.1	1.9	1.8	1.3
2001	2.3	2.5	1.9	2.2	2.2	2.3	2.2	2.2	2.3	2.2	2.2	2.1	2.8
	1929	1940	1945	1950	1955	1960	1965	1970	1975	1980	1985	1990	1995
Starting Year

Source: Economic Report of the President, various years.

This table keeps changes in real GDP from being overstated by adjusting for

Select one:

a. productivity.

b. inflation.

c. standard of living.

d. population growth.

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Per Capita GDP
Luxembourg	$33,609
United States	$33,586
Switzerland	$27,126
Japan	$23,311
Iceland	$23,230

Economists use numbers such as those in the table as a measure of

Select one:

a. net exports.

b. total dollar value of all final goods and services.

c. national income.

d. standard of living.

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Per Capita GDP
Luxembourg	$33,609
United States	$33,586
Switzerland	$27,126
Japan	$23,311
Iceland	$23,230

The numbers in this table were calculated by

Select one:

a. multiplying GDP by total population.

b. dividing GDP by total population.

c. adding the dollar value of all final goods and services produced in the nation.

d. subtracting net exports from GDP.

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A key gauge of future U.S. economic activity declined 0.5% last month, as the Sept. 11 terrorist attacks in New York and Washington weakened an already troubled economy.

The Conference Board said Monday its index of leading economic indicators fell to 109.2 in September,...the largest one-month decline since January 1996.... The index indicates where the overall U.S. economy is headed in the next three to six months....

The economy had been struggling for several months before the Sept. 11 attacks. Many economists have said they believe that a recession is unavoidable with the new uncertainties raised by the disaster.

Source: âLeading Indicators Decline,â USAToday.com, October 22, 2001.

The passage discusses a business fluctuation influenced by

Select one:

a. external shock.

b. monetary factors.

c. innovation.

d. capital expenditures.

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For all the recent talk of cutting taxes, Congress rarely cuts them when the economy is growing robustly, as it is now, and unemployment is low. The worry among economists is that the extra money in peopleâs pockets may make an already strong economy too strong, finally stoking inflation after a long period of relatively stable prices.

Source: The New York Times, July 14, 1999.

The passage describes rising inflation as a possible result of

Select one:

a. a booming economy.

b. rising unemployment.

c. tax cuts.

d. a prolonged period of stable prices.

Below is a recommended topic for this discussion. If your instructor chooses a different Making the Connection from this week's readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructor's first posting.

Read the Making the Connection short case titled In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty Short in Chapter 12 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you've read and watched in the video.

Then work on problems and applications 5.9, at the end of Chapter 12, answering and discussing the questions in that exercise.

MyEconLab screen for both week 2 videos.

First Part:

Question 1

Guys, I refer you to the question above Read the Making the Connection short case titled In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty Short in Chapter 12 of our textbook...

Question 2

Guys, what are the characteristics of a perfect market? Why is it perfect?

Question 3

Guys, what is MC = MR? Explain this point.

yellowdolphin630

Answer the following questions: Use these data to answer the associated questions. Be sure to answer the questions as completely as you can. If calculations are requested, show your work!

Action Items 2000 2001 2002 2003 2004

Nominal GDP 9817 10128 10469.6 10971.2 11734.3

Real GDP 9817 10320.6 10755.7

GDP Deflator 100 102.4 104.2

Growth rate of nominal GDP 3.2% 4.8%

Growth rate of real GDP 1.6% 4.2%

CPI 172.2 177.1 179.9 184 188.9

Inflation rate using GDP deflator 2.4% 2.0%

Inflation rate using CPI 1.58% 2.7%

1. How is the real GDP calculated from the given data? Fill in the missing values of real GDP in the table.

2. How is the growth rate of GDP calculated from the given data? Fill in the missing values of the growth rate of nominal and real GDP in the table.

3. What's the difference between nominal GDP and real GDP? Which one is better for measuring economic well-being?

4. How is the GDP Deflator calculated from the data given? Fill in the missing values of GDP deflator in the table.

5. Explain how to calculate the annual inflation rate.

6. What's the key difference between these two measures of inflation?

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ECF1200 Chapter Notes - Chapter 6: Longrun, Diminishing Returns, Robert Solow

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