Economic Growth
GDP
1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document):
Expenditure Australia Components Canada of GOP Ostmark by County, Finland 2018 (in India ions of US Japan dollen) Now Zealand UN US Consumption Investment 808 7 99E9 1639 14E1 16506 27633 1200 18703 139987 Business lbra I investment chap. Ur invmnvies 3363 385.1 9.4 788 29 636 3.4 842.7 27.4 12023 112 49.1 4873 42687 Govammont 2753 357.1 86.6 62.7 3121 981.6 3134 5283 2904.3 He Exports &porn 5143 1989 10E8 548.6 9181 582 85E8 251a2 Nnperis GDP 3120 581.1 17E4 108.8 657.0 9044 58.1 907.1 31485 souse UM. UN Rotinics Division, doteurtoro, GOP be Time of Expenditure ot cement pas – US dation
2. Based on the information in the table and your calculations for Question 21:
Do any countries have positive net exports? Which one(s)?
Which country has the largest negative net exports?
3. Suppose that a country asks for your advice about trade. Policymakers in the country want information about the impact of trade on GDP and whether they should be concerned about negative (or positive) net exports. Using the information in the table above as your guide, what advice would you give?
4. Based on information from the Wodd Bank, in 2018. GDP per capita was 862,794.6 in the United States and $64581.9 in Singapore – very similar values (and relatively high values compared to many countries). But, the annual rate of GDP growth averages 2.3% in the United States and 2.7% in Singapore.
Would you predict the United States or Singapore to have a more rapid increase in the standard of living in the long run?
Discuss what evidence/theory from Chapter 7 you am using to support this prediction.
5. The United Nations Human Development Index (HD!) uses information about a country’s life expectancy at birth (health), expected years of schooling and mean years of schooling (education), and Grow National Income per capita (standard of living) to create a measure that ranges from 1 (very high) to (1(very low). For 2017, the United States had a value of 0.924, compared to 0.926 for Canada and 0.922 for the United Kingdom – very similar values, although not the highest of all countries.
Suppose a developing country (such as Eritrea with a value of (1.440 or Haiti with male of 0.498) asks for your advice on which country it should try to emulate in order. increase its level of development and economic growth. Which of the three countries above would you choose? Explain what additional information about each country would be important to making this assessment.
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