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In: Economics

Please do it by type not pics. 1.The following table contains per capita real GDP for...

Please do it by type not pics.

1.The following table contains per capita real GDP for 11 countries for the years 1950 and 2014. Compare a selected group of country’s GDP as compared to Argentina. Are there any “unusual” observations you can make about the data? Based on your knowledge of the countries, discuss some possible explanations of why some countries do better than others. Next, calculate the average real GDP growth rate for each country. I would recommend copying and pasting in a spreadsheet to calculate the groMh grades. Use 65 years as t. Briefly discuss your conclusions.

Table 3.1: Real Per Capita GDP in $US

  Country             1950          2014     

Argentina

2,890

20,222

Colombia

3,179

12,599

Costa Rica

3,223

14,186

Cyprus

2,784

28,602

Japan

2,616

35,358

Mauritius

4,665

17,942

Nicaragua

3,404

4,453

Portugal

2,727

28,476

Turkey

3,054

19,236

Uruguay

6,259

20,396

  Venezuela         5,862        14,134   

(Source: Penn World Tables 9.0)

2.Explain the factors that influence the ability of countries and populations to develop into modern industrialized countries?

a.Per class discussion what role does the “rule of law” play in economic development?

b.Why does your instructor believe this is the most important factor in economic development?

c.Compare the role of TFP to capital accumulation is economic development

Solutions

Expert Solution

1)

Rahul Sunny answered 2 years ago
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