In: Economics
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