Purpose
Review and reinforcement of pointers, dynamic memory allocation, pointer arithmetic, passing pointers to a function, returning a pointer by a function, dangling pointer, and memory deallocation, pointer initialization, and struct data type.
Project description
In this project, you will create a database of employees of an organization while meeting the requirements described below. Your program MUST NOT interact with the user to receive inputs, so that the instructor and/or the teaching assistant can save a big time in testing programs.
Employee is a struct data type that has the following attributes, or data members, or data fields
struct Employee {
string firstName;
string lastName;
int SSN;
string department;
Role role;
double salary;
};
The data type Role is defined as below.
enum Role {programmer, manager, director};
Define Employee.h and include the two data types above in the file. Role must be defined before Employee because Employee uses Role.
In: Computer Science
A new company is planning to build a new database system for holding information about customers and salesmen. ‘Customers’, ‘Salesmen’ and ‘Customers_Salesmen’ are part of the information that the new company wants to store in the new database. These tables are shown below in figure 1, figure 2 and figure 3. The new company intends to use MySQL for building the new database.
|
Customer_ID |
Customer_Name |
Customer_City |
Customer_Grade |
|
3002 |
Ahmad Salman |
New York |
100 |
|
3007 |
Mazen Ali |
New York |
200 |
|
3005 |
Sami Khalil |
California |
200 |
|
3008 |
Ashraf Ahmad |
London |
300 |
|
3004 |
Manal Faris |
Paris |
300 |
|
3009 |
Tahani Mahdi |
Berlin |
100 |
|
3003 |
Fawzi Jama |
Moscow |
200 |
|
3001 |
Tareq Mohsen |
London |
100 |
Figure 1: Customers table
|
Salesman_ID |
Salesman_Name |
Salesman_City |
Salesman_Commission |
|
5001 |
Naser Hamad |
New York |
0.15 |
|
5002 |
Rami Farhan |
Paris |
0.13 |
|
5006 |
Salem Alawi |
Paris |
0.14 |
|
5003 |
Faten Morad |
San Jose |
0.12 |
|
5007 |
Turkey Fahad |
Rome |
0.13 |
|
5005 |
Juma Khalaf |
London |
0.11 |
Figure 2: Salesmen table
|
Customer_ID |
Salesman_ID |
|
3002 |
5001 |
|
3007 |
5001 |
|
3005 |
5002 |
|
3008 |
5002 |
|
3004 |
5006 |
|
3009 |
5003 |
|
3003 |
5007 |
|
3001 |
5005 |
Figure 3: Customers_Salesmen table
Based on the above three tables, answer the following 6 questions:
In: Computer Science
Financial statements for Allendale Company follow:
| ALLENDALE COMPANY | |||||||
|
Balance Sheets As of December 31 |
|||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 40,000 | $ | 36,000 | |||
| Marketable securities | 20,000 | 6,000 | |||||
| Accounts receivable (net) | 54,000 | 46,000 | |||||
| Inventories | 135,000 | 143,000 | |||||
| Prepaid items | 25,000 | 10,000 | |||||
| Total current assets | 274,000 | 241,000 | |||||
| Investments | 27,000 | 20,000 | |||||
| Plant (net) | 270,000 | 255,000 | |||||
| Land | 29,000 | 24,000 | |||||
| Total assets | $ | 600,000 | $ | 540,000 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Notes payable | $ | 17,000 | $ | 6,000 | |||
| Accounts payable | 113,800 | 100,000 | |||||
| Salaries payable | 21,000 | 15,000 | |||||
| Total current liabilities | 151,800 | 121,000 | |||||
| Noncurrent liabilities | |||||||
| Bonds payable | 100,000 | 100,000 | |||||
| Other | 32,000 | 27,000 | |||||
| Total noncurrent liabilities | 132,000 | 127,000 | |||||
| Total liabilities | 283,800 | 248,000 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) | 80,000 | 80,000 | |||||
| Common stock (no par; 50,000 shares authorized; 10,000 shares issued) | 80,000 | 80,000 | |||||
| Retained earnings | 156,200 | 132,000 | |||||
| Total stockholders’ equity | 316,200 | 292,000 | |||||
| Total liabilities and stockholders’ equity | $ | 600,000 | $ | 540,000 | |||
| ALLENDALE COMPANY | |||||||
|
Statements of Income and Retained Earnings For the Years Ended December 31 |
|||||||
| 2019 | 2018 | ||||||
| Revenues | |||||||
| Sales (net) | $ | 230,000 | $ | 210,000 | |||
| Other revenues | 8,000 | 5,000 | |||||
| Total revenues | 238,000 | 215,000 | |||||
| Expenses | |||||||
| Cost of goods sold | 120,000 | 103,000 | |||||
| Selling, general, and administrative | 55,000 | 50,000 | |||||
| Interest expense | 8,000 | 7,200 | |||||
| Income tax expense | 23,000 | 22,000 | |||||
| Total expenses | 206,000 | 182,200 | |||||
| Net earnings (net income) | 32,000 | 32,800 | |||||
| Retained earnings, January 1 | 132,000 | 107,000 | |||||
| Less: Preferred stock dividends | 3,200 | 3,200 | |||||
| Common stock dividends | 4,600 | 4,600 | |||||
| Retained earnings, December 31 | $ | 156,200 | $ | 132,000 | |||
Required
Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.
Working capital.
Current ratio. (Round your answers to 2 decimal places.)
Quick ratio. (Round your answers to 2 decimal places.)
Receivables turnover (beginning receivables at January 1, 2018, were $47,000). (Round your answers to 2 decimal places.)
Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Inventory turnover (beginning inventory at January 1, 2018, was $140,000). (Round your answers to 2 decimal places.)
Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Debt to assets ratio. (Round your answers to the nearest whole percent.)
Debt to equity ratio. (Round your answers to 2 decimal places.)
Number of times interest was earned. (Round your answers to 2 decimal places.)
Plant assets to long-term debt. (Round your answers to 2 decimal places.)
Net margin. (Round your answers to 2 decimal places.)
Turnover of assets. (Round your answers to 2 decimal places.)
Return on investment. (Round your answers to 2 decimal places.)
Return on equity. (Round your answers to 2 decimal places.)
Earnings per share. (Round your answers to 2 decimal places.)
Book value per share of common stock. (Round your answers to 2 decimal places.)
Price-earnings ratio (market price per share: 2018, $11.75; 2019, $12.50). (Round your intermediate calculations and final answer to 2 decimal places.)
Dividend yield on common stock. (Round your answers to 2 decimal places.)
In: Accounting
Financial statements for Allendale Company follow:
| ALLENDALE COMPANY | |||||||
|
Balance Sheets As of December 31 |
|||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 40,000 | $ | 36,000 | |||
| Marketable securities | 20,000 | 6,000 | |||||
| Accounts receivable (net) | 54,000 | 46,000 | |||||
| Inventories | 135,000 | 143,000 | |||||
| Prepaid items | 25,000 | 10,000 | |||||
| Total current assets | 274,000 | 241,000 | |||||
| Investments | 27,000 | 20,000 | |||||
| Plant (net) | 270,000 | 255,000 | |||||
| Land | 29,000 | 24,000 | |||||
| Total assets | $ | 600,000 | $ | 540,000 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Notes payable | $ | 17,000 | $ | 6,000 | |||
| Accounts payable | 113,800 | 100,000 | |||||
| Salaries payable | 21,000 | 15,000 | |||||
| Total current liabilities | 151,800 | 121,000 | |||||
| Noncurrent liabilities | |||||||
| Bonds payable | 100,000 | 100,000 | |||||
| Other | 32,000 | 27,000 | |||||
| Total noncurrent liabilities | 132,000 | 127,000 | |||||
| Total liabilities | 283,800 | 248,000 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) | 80,000 | 80,000 | |||||
| Common stock (no par; 50,000 shares authorized; 10,000 shares issued) | 80,000 | 80,000 | |||||
| Retained earnings | 156,200 | 132,000 | |||||
| Total stockholders’ equity | 316,200 | 292,000 | |||||
| Total liabilities and stockholders’ equity | $ | 600,000 | $ | 540,000 | |||
| ALLENDALE COMPANY | |||||||
|
Statements of Income and Retained Earnings For the Years Ended December 31 |
|||||||
| 2019 | 2018 | ||||||
| Revenues | |||||||
| Sales (net) | $ | 230,000 | $ | 210,000 | |||
| Other revenues | 8,000 | 5,000 | |||||
| Total revenues | 238,000 | 215,000 | |||||
| Expenses | |||||||
| Cost of goods sold | 120,000 | 103,000 | |||||
| Selling, general, and administrative | 55,000 | 50,000 | |||||
| Interest expense | 8,000 | 7,200 | |||||
| Income tax expense | 23,000 | 22,000 | |||||
| Total expenses | 206,000 | 182,200 | |||||
| Net earnings (net income) | 32,000 | 32,800 | |||||
| Retained earnings, January 1 | 132,000 | 107,000 | |||||
| Less: Preferred stock dividends | 3,200 | 3,200 | |||||
| Common stock dividends | 4,600 | 4,600 | |||||
| Retained earnings, December 31 | $ | 156,200 | $ | 132,000 | |||
Required
Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.
Working capital.
Current ratio. (Round your answers to 2 decimal places.)
Quick ratio. (Round your answers to 2 decimal places.)
Receivables turnover (beginning receivables at January 1, 2018, were $47,000). (Round your answers to 2 decimal places.)
Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Inventory turnover (beginning inventory at January 1, 2018, was $140,000). (Round your answers to 2 decimal places.)
Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Debt to assets ratio. (Round your answers to the nearest whole percent.)
Debt to equity ratio. (Round your answers to 2 decimal places.)
Number of times interest was earned. (Round your answers to 2 decimal places.)
Plant assets to long-term debt. (Round your answers to 2 decimal places.)
Net margin. (Round your answers to 2 decimal places.)
Turnover of assets. (Round your answers to 2 decimal places.)
Return on investment. (Round your answers to 2 decimal places.)
Return on equity. (Round your answers to 2 decimal places.)
Earnings per share. (Round your answers to 2 decimal places.)
Book value per share of common stock. (Round your answers to 2 decimal places.)
Price-earnings ratio (market price per share: 2018, $11.75; 2019, $12.50). (Round your intermediate calculations and final answer to 2 decimal places.)
Dividend yield on common stock. (Round your answers to 2 decimal places.)
In: Accounting
Financial statements for Allendale Company follow:
| ALLENDALE COMPANY | |||||||
|
Balance Sheets As of December 31 |
|||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 40,000 | $ | 36,000 | |||
| Marketable securities | 20,000 | 6,000 | |||||
| Accounts receivable (net) | 54,000 | 46,000 | |||||
| Inventories | 135,000 | 143,000 | |||||
| Prepaid items | 25,000 | 10,000 | |||||
| Total current assets | 274,000 | 241,000 | |||||
| Investments | 27,000 | 20,000 | |||||
| Plant (net) | 270,000 | 255,000 | |||||
| Land | 29,000 | 24,000 | |||||
| Total assets | $ | 600,000 | $ | 540,000 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Notes payable | $ | 17,000 | $ | 6,000 | |||
| Accounts payable | 113,800 | 100,000 | |||||
| Salaries payable | 21,000 | 15,000 | |||||
| Total current liabilities | 151,800 | 121,000 | |||||
| Noncurrent liabilities | |||||||
| Bonds payable | 100,000 | 100,000 | |||||
| Other | 32,000 | 27,000 | |||||
| Total noncurrent liabilities | 132,000 | 127,000 | |||||
| Total liabilities | 283,800 | 248,000 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) | 80,000 | 80,000 | |||||
| Common stock (no par; 50,000 shares authorized; 10,000 shares issued) | 80,000 | 80,000 | |||||
| Retained earnings | 156,200 | 132,000 | |||||
| Total stockholders’ equity | 316,200 | 292,000 | |||||
| Total liabilities and stockholders’ equity | $ | 600,000 | $ | 540,000 | |||
| ALLENDALE COMPANY | |||||||
|
Statements of Income and Retained Earnings For the Years Ended December 31 |
|||||||
| 2019 | 2018 | ||||||
| Revenues | |||||||
| Sales (net) | $ | 230,000 | $ | 210,000 | |||
| Other revenues | 8,000 | 5,000 | |||||
| Total revenues | 238,000 | 215,000 | |||||
| Expenses | |||||||
| Cost of goods sold | 120,000 | 103,000 | |||||
| Selling, general, and administrative | 55,000 | 50,000 | |||||
| Interest expense | 8,000 | 7,200 | |||||
| Income tax expense | 23,000 | 22,000 | |||||
| Total expenses | 206,000 | 182,200 | |||||
| Net earnings (net income) | 32,000 | 32,800 | |||||
| Retained earnings, January 1 | 132,000 | 107,000 | |||||
| Less: Preferred stock dividends | 3,200 | 3,200 | |||||
| Common stock dividends | 4,600 | 4,600 | |||||
| Retained earnings, December 31 | $ | 156,200 | $ | 132,000 | |||
Required
Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.
Working capital.
Current ratio. (Round your answers to 2 decimal places.)
Quick ratio. (Round your answers to 2 decimal places.)
Receivables turnover (beginning receivables at January 1, 2018, were $47,000). (Round your answers to 2 decimal places.)
Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Inventory turnover (beginning inventory at January 1, 2018, was $140,000). (Round your answers to 2 decimal places.)
Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.)
Debt to assets ratio. (Round your answers to the nearest whole percent.)
Debt to equity ratio. (Round your answers to 2 decimal places.)
Number of times interest was earned. (Round your answers to 2 decimal places.)
Plant assets to long-term debt. (Round your answers to 2 decimal places.)
Net margin. (Round your answers to 2 decimal places.)
Turnover of assets. (Round your answers to 2 decimal places.)
Return on investment. (Round your answers to 2 decimal places.)
Return on equity. (Round your answers to 2 decimal places.)
Earnings per share. (Round your answers to 2 decimal places.)
Book value per share of common stock. (Round your answers to 2 decimal places.)
Price-earnings ratio (market price per share: 2018, $11.75; 2019, $12.50). (Round your intermediate calculations and final answer to 2 decimal places.)
Dividend yield on common stock. (Round your answers to 2 decimal places.)
In: Accounting
Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash $ 40,000 $ 36,000 Marketable securities 20,000 6,000 Accounts receivable (net) 54,000 46,000 Inventories 135,000 143,000 Prepaid items 25,000 10,000 Total current assets 274,000 241,000 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total assets $ 600,000 $ 540,000 Liabilities and Stockholders’ Equity Liabilities Current liabilities Notes payable $ 17,000 $ 6,000 Accounts payable 113,800 100,000 Salaries payable 21,000 15,000 Total current liabilities 151,800 121,000 Noncurrent liabilities Bonds payable 100,000 100,000 Other 32,000 27,000 Total noncurrent liabilities 132,000 127,000 Total liabilities 283,800 248,000 Stockholders’ equity Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) 80,000 80,000 Common stock (no par; 50,000 shares authorized; 10,000 shares issued) 80,000 80,000 Retained earnings 156,200 132,000 Total stockholders’ equity 316,200 292,000 Total liabilities and stockholders’ equity $ 600,000 $ 540,000 ALLENDALE COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2019 2018 Revenues Sales (net) $ 230,000 $ 210,000 Other revenues 8,000 5,000 Total revenues 238,000 215,000 Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses 206,000 182,200 Net earnings (net income) 32,000 32,800 Retained earnings, January 1 132,000 107,000 Less: Preferred stock dividends 3,200 3,200 Common stock dividends 4,600 4,600 Retained earnings, December 31 $ 156,200 $ 132,000 Required Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet. Working capital. Current ratio. (Round your answers to 2 decimal places.) Quick ratio. (Round your answers to 2 decimal places.) Receivables turnover (beginning receivables at January 1, 2018, were $47,000). (Round your answers to 2 decimal places.) Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) Inventory turnover (beginning inventory at January 1, 2018, was $140,000). (Round your answers to 2 decimal places.) Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) Debt to assets ratio. (Round your answers to the nearest whole percent.) Debt to equity ratio. (Round your answers to 2 decimal places.) Number of times interest was earned. (Round your answers to 2 decimal places.) Plant assets to long-term debt. (Round your answers to 2 decimal places.) Net margin. (Round your answers to 2 decimal places.) Turnover of assets. (Round your answers to 2 decimal places.) Return on investment. (Round your answers to 2 decimal places.) Return on equity. (Round your answers to 2 decimal places.) Earnings per share. (Round your answers to 2 decimal places.) Book value per share of common stock. (Round your answers to 2 decimal places.) Price-earnings ratio (market price per share: 2018, $11.75; 2019, $12.50). (Round your intermediate calculations and final answer to 2 decimal places.) Dividend yield on common stock. (Round your answers to 2 decimal places.)
In: Accounting
Throughout the semester, you have learned about several theories and practices of psychology across many different areas. This assignment will give you an opportunity to apply some of those 1,500-word concepts, theoretical perspectives, and empirical findings. In completing this five, you will hone your critical thinking skills, recognizing and applying psychological principles, and communicating your understanding of individual, community, and organizational life experiences to a general audience. Task: For this assignment, you will write a paper based on a film or book that you will explore through the application of psychological theory and research. Step 1: Select a film or book of interest. For example, you might select a movie or book in which the main character suffers from a psychological disorder or is merely trying to cope with the everyday stress of life. Be creative. For instance, choose "Snow White" and talk about the Evil Queen's Narcissistic Personality Disorder or choose "Cat in The Hat" and talk about the Cat's "Borderline Personality Disorder" or something like that (please do not use either of those suggestions specifically). Do not choose something obvious, but be creative and thoughtful. Step 2: Review your course resources to identify three specific psychological theories or principles that can be applied to the analysis of the book or film. You might discuss defense mechanisms or refer to developmental stages in the person's life that might have been important, or consider the effects of abuse, alcoholism and addiction, etc. You can approach the subject matter from different perspectives—psychoanalytical, biological, behavioral, cognitive, and/or sociocultural. You can discuss the role emotion, memory, or motivation plays in the character's development, or the importance of the environment, and influences such as racism and sexism. Step 3: Search the library database using relevant keywords for your topic for at least one peer-reviewed article to support your ideas. Psychology cuts across many disciplines so feel free to explore journals in other areas such as business, education, health, and criminal justice. Tip: When conducting your search in the library include a theory or principle plus a topic (i.e. Body Dysmorphic Disorder and Adolescents). Use alternative key words to improve your chances of finding relevant articles and create a specific search statement to help narrow your results." The example might be something like "("Body Dysmorphic Disorder" OR BDD) AND (adolescent* OR teen*)"
In: Psychology
| Year | Money Supply (M2) | Nominal GDP | Velocity of Money(ratio) | Consumer Price Index |
| 1995 | 3,492.40 | 10543.644 | 2.155 | 2.87081 |
| 1996 | 3,647.90 | 10817.896 | 2.147 | 2.79070 |
| 1997 | 3,824.80 | 11284.587 | 2.179 | 3.03814 |
| 1998 | 4,046.30 | 11832.486 | 2.175 | 1.63112 |
| 1999 | 4,393.10 | 12403.293 | 2.135 | 1.66667 |
| 2000 | 4,656.30 | 12924.179 | 2.139 | 2.79296 |
| 2001 | 4,965.00 | 13222.690 | 2.090 | 3.72120 |
| 2002 | 5,440.10 | 13397.002 | 1.975 | 1.19590 |
| 2003 | 5,790.40 | 13634.253 | 1.921 | 2.75746 |
| 2004 | 6,061.10 | 14221.147 | 1.954 | 2.02629 |
| 2005 | 6,410.60 | 14771.602 | 1.988 | 2.84487 |
| 2006 | 6,709.90 | 15267.026 | 2.021 | 4.01879 |
| 2007 | 7,094.80 | 15493.328 | 1.997 | 2.07577 |
| 2008 | 7,491.10 | 15671.383 | 1.936 | 4.29470 |
| 2009 | 8,262.40 | 15155.940 | 1.733 | -0.11359 |
| 2010 | 8,445.60 | 15415.145 | 1.736 | 2.62111 |
| 2011 | 8,825.80 | 15712.754 | 1.723 | 1.70078 |
| 2012 | 9,730.20 | 16129.418 | 1.639 | 3.00877 |
| 2013 | 10,471.40 | 16382.964 | 1.579 | 1.68406 |
We had two financial crises since 2000, 2000 dot.com bubble, 2008-2009 financial crisis. From FRED website, find the following data from 1995 to 2013, and make a graph. Explain the general trends of each series, and compare them between the two crises.
In: Economics
Workers are compensated by firms with “benefits” in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.5 per hour but received $13.5 in health insurance benefits.
a. By what percentage did total compensation (wages plus benefits) change at this plant from 2000 to 2010? Instructions: Round your answer to 2 decimal places. Total compensation by: What was the approximate average annual percentage change in total compensation? Instructions: Round your answer to 2 decimal places.
b. By what percentage did wages change at this plant from 2000 to 2010? Instructions: Enter your answer as a whole number. Wages by: What was the approximate average annual percentage change in wages? Instructions: Round your answer to 1 decimal place.
c. If workers value a dollar of health benefits as much as they value a dollar of wages, by what total percentage will they feel that their incomes have risen over this time period? Instructions: Round your answer to 2 decimal places. What if they only consider wages when calculating their incomes? Incomes by:
d. Is it possible for workers to feel as though their wages are stagnating even if total compensation is rising?
In: Economics
Between 2000 and 2009, real output per person in the emerging world grew at an average annual rate of 7.6%, 4.5 percentage points higher than the rate seen in rich countries. As a result, the gap between the developed and developing worlds narrowed quickly over the period. Since 2009, growth rates in the developing world have dropped and were only 1.1 percentage points higher than developed countries in 2013. Projections for 2014 put growth in developing countries just 0.39 percentage points above those in developed countries.
a) Use the economic growth model to explain the convergence hypothesis. Include a diagram in your response.
b) Discuss what factors could have driven the rapid growth in the developing world from 2000-2009.
c) What factors are important to sustain long run growth in these developing economies? Explain.
d) In 2009, per capita GDP in developed economies was on average 3.6 times as large as in developing economies. If per capita growth maintained the same rates as between 2000 and 2009, it would take about 30 years for developing countries to catch up to the developed world. If per capita growth slows to 4.2% in developing countries and remains at 3.1% in developed countries, how many years would it take developing economies to catch up to developed economies? (Round to the nearest year)
In: Economics