Differences in economic performance of nations, often described as economic growth, are often captured by the...

 

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Differences in economic performance of nations, often described as economic growth, are often captured by the growth of GDP per capita. Algebraically, Let stand for the growth of GDP per capita, B stand for growth in real GDP, and μ stand for growth in population of a typical nation. We learned in our last class meeting that the growth performance of a nation can be expressed as: π = ß μ....... a) Using this equation, and the following list of countries and their respective growth in the three variables defined above, calculate the growth rate (of GDP per capita) for each country and explain if the growth rate has something to do with the life expectancy in each country. [25 pts.] Belgium Ghana Sweden United Kingdom India ß 1.9 4.8 3.9 1.7 1.9 H 0.3 2.7 0.4 0.3 1.8 E Life expectancy Male 75 58 7 75 62 ....(1) 77 Female 81 62 82 80 64 b) Look for the real GDP of these countries for any year of your choice, from familiar economic data sources like the UNDP's Human Development Report, the World Bank's World Development Report or the International Monetary Fund's Finance & Development. Rank these countries according to the size of their respective real GDPs. [15 pts. According to the growth rates of GDP/capita (m) that you calculated in the table above, use the Rule of 72 to calculate how many years it will take each country's real GDP to double. [10 pts.] Differences in economic performance of nations, often described as economic growth, are often captured by the growth of GDP per capita. Algebraically, Let stand for the growth of GDP per capita, B stand for growth in real GDP, and μ stand for growth in population of a typical nation. We learned in our last class meeting that the growth performance of a nation can be expressed as: π = ß μ....... a) Using this equation, and the following list of countries and their respective growth in the three variables defined above, calculate the growth rate (of GDP per capita) for each country and explain if the growth rate has something to do with the life expectancy in each country. [25 pts.] Belgium Ghana Sweden United Kingdom India ß 1.9 4.8 3.9 1.7 1.9 H 0.3 2.7 0.4 0.3 1.8 E Life expectancy Male 75 58 7 75 62 ....(1) 77 Female 81 62 82 80 64 b) Look for the real GDP of these countries for any year of your choice, from familiar economic data sources like the UNDP's Human Development Report, the World Bank's World Development Report or the International Monetary Fund's Finance & Development. Rank these countries according to the size of their respective real GDPs. [15 pts. According to the growth rates of GDP/capita (m) that you calculated in the table above, use the Rule of 72 to calculate how many years it will take each country's real GDP to double. [10 pts.]

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These estimates show that only Sweden and India are currently o... View the full answer