Economics Homework Help

ECO 2013 Principles of Macroeconomics Global Citizens Assignment

In this assignment, you will examine GDP for different countries and the factors that lead to different rates of economic growth among countries and you will be asked for your economic advice. Please note that there are a total of five (5) questions (some with multiple parts) to which you must respond – ANSWER EACH NUMBERED QUESTION SEPARATELY. You MUST complete this assignment on your own – failure to do so is a violation of the Honor Code.

This assignment is due by 5pm on Thursday March 12. TO BEGIN – Click to accept the End User terms for Turnitin, then use the instructions you read to submit the assignment. Please note that your answers must be submitted in via the Turnitin submission box – we will not accept the assignment any other way. You may only submit this assignment ONCE – if you attempt to submit more than once, we will only read the FIRST one.

1. GDP: Calculate the values that will fill in the blanks in the shaded areas of the table below (please note that you do not need to reproduce this table, just provide the values and identify them clearly):

1. Based on the information in the table and your calculations for Question #1:

Do any countries have positive net exports? __________________ Which one(s)? _____________________________________________________

Which country has the largest negative net exports? ____________________________________

1. Suppose that one of the countries in the table above asks for your advice about trade. Policymakers in the country want information about the impact of trade on GDP and whether they should be concerned about negative (or positive) net exports. How would you respond?

1. Economic growth: Based on information from the World Bank, in 2018, GDP per capita was $62,641.0 in the United States and $77,449.7 in Ireland – very similar values (and relatively high values compared to many countries). But, the annual rate of GDP growth averages 2.2% in the United States and 5.6% in Ireland.

Would you predict the United States or Ireland to have a more rapid increase in the standard of living in the long run? _________________

Discuss what evidence/theory from Chapter 11 you are using to support this prediction.

1. The United Nations Human Development Index (HDI) uses information about a country’s life expectancy at birth (health), expected years of schooling and mean years of schooling (education), and Gross National Income per capita (standard of living) to create a measure that ranges from 1 (very high) to 0 (very low). For 2017, the United States had a value of 0.924, compared to 0.926 for Canada and 0.922 for the United Kingdom – very similar values.

Based on this information, suppose a developing country (such as Afghanistan and Haiti which each had a value of 0.498) asks for your advice on which country it should try to emulate in order to increase its level of development and economic growth. Which country would you choose? Explain what additional information about each country would be important to making this assessment.