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A mathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. Thus, if Mexico’s real GDP per person is growing at 7 percent per year, it will take about 10 years (=70/7) to double. Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 5 percent per year, to reach the level that the United States was at in 2005? (hint: How many times would Mexico’s 2005 real GDP per person have to double to reach the United States’ 2005 real GDP per person?)
Consider Solow's model when the production function is Y = 1000K0.3L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Compute how much more output there is in this economy immediately thanks to ..
Pretentious that yields for each stock are around generally distributed, with which investment strategy do you have the smallest chance of losing money?
(Economic Fluctuations ) Describe the various components of fluctuations in economy activity over time. Because economic activity fluctuates, how is long- term growth possible?
Infinitely Repeated Cournot Duopoly: Alice and Bob each operate each operate a firm in a quantity setting (Cournot) duopoly game. Let the cost of a unit for Alice and Bob be 6
Despite its political popularity, the overwhelming majority of economists are not in favor of a Constitutional amendment that requires the federal government’s budget to be balanced every year. Utilizing the concepts from this weeks' readings, explai..
The lower the interest rate:
China is currently a socialist economic system. In view of China's explosive growth in supplying goods to the world do you see China becoming more of a market economic system. Why/Why not?
Discuss the circumstances under which the monetary policy multiplier is equal to zero. Explain why this can happen and how likely you think this is. Discuss the circumstances under which the fiscal policy multiplier is equal to zero. Explain why this..
The substitution effect from a fall in the price of a gallon of gasoline is shown in the below figure by the movement from
q.calculate the income elasticity of demand for product x when i 30. explain how could we categorize product x? do you
A tailor must make 6 of the same size suits for a client. The first suit took 14.7 hours to make and the last suit took 7.9 hours to make. What was the tailor's learning curve % of this run of suits assuming a steady state of production is never reac..
What are the major theoretical rationales behind the ISI (import substitution industrialization) strategy? How do you evaluate its success and/or failure? What developments were responsible for its termination in most Third World countries?
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