ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Summer2018 Exam2A
Document Summary
Lower income countries which are held back by some combination of poor economic institutions, undeveloped industrial capital, and/or an uneducated or unskilled workforce (e. g. , india, ghana, Bangladesh, and the democratic republic of the congo) are referred to as. Deadweight loss refers to the difference between maximum possible total social surplus and realized total. Consider two countries that each have a per capita gdp of ,000 in 2018. Country a realizes a constant 12% increase in per capita gdp each year, while country b realizes a constant 8% increase in per capita gdp each year. Given these constant rates of increase, in 2036 (i. e. , 18 years in the future), per capita gdp will be approximately. ,000 in country a and ,000 in country b. ,000 in country a and ,000 in country b. ,800 in country a and ,200 in country b. ,600 in country a and ,400 in country b.
