Q: According to Figure 17.3, in how many years since
According to Figure 17.3, in how many years since 1970 has GDP grown (a) Faster than the population (1.1 percent growth)? (b) Slower than the population?
See AnswerQ: How much more output will the average American (U.S
How much more output will the average American (U.S. population = 310 million) have a year from now if the $15 trillion GDP grows by (a) 0 percent? (b) 1 percent? (c) 3.5 perce...
See AnswerQ: According to the Rule of 72 (Table 17.1)
According to the Rule of 72 (Table 17.1) and recent growth rates (World View, p. 373) how long will it be before GDP doubles in (a) The United States? (b) China? (c) Ivory Coast?...
See AnswerQ: Using data from the endpapers of this book, graph real GDP
Using data from the endpapers of this book, graph real GDP and population growth since 2000, setting 2000 values to an index base of 100.
See AnswerQ: Suppose that every additional five percentage points in the investment rate (
Suppose that every additional five percentage points in the investment rate (I รท GDP) boost economic growth by one percentage point. Assume also that all investment must be financed with consumer savi...
See AnswerQ: According to the Rule of 72 (Table 17.1),
According to the Rule of 72 (Table 17.1), how many years will it take for GDP to double if the economy is growing at (a) 1.5 percent a year? (b) 2.8 percent a year?
See AnswerQ: If the tax elasticity of labor supply is 0.15,
If the tax elasticity of labor supply is 0.15, by what percentage will the quantity of labor supplied increase in response to (a) A $500 per person income tax rebate? (b) A 4 percent reduction...
See AnswerQ: When the GE lightbulb plant in Virginia closed (p. 113
When the GE lightbulb plant in Virginia closed (p. 113), how was the local economy affected?
See AnswerQ: On the following graph, plot the unemployment and inflation rates for
On the following graph, plot the unemployment and inflation rates for the years 2000–2010 using the data from this book’s end covers. Is there any evidence of a Phi...
See AnswerQ: According to Figure 16.6, what inflation rate would occur
According to Figure 16.6, what inflation rate would occur if the unemployment rate rose to 6 percent, with (a) PC1? (b) PC2?
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