Principles of Macroeconomics Global Citizens Assignment

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.

GDP

  1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document):Table

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  2. 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?  ____________________________________

  • Suppose that a country 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. Using the information in the table above as your guide, what advice would you give?

Economic Growth

  • Based on information from the World Bank, in 2018, GDP per capita was $62,794.6 in the United States and $64,581.9 in Singapore – very similar values (and relatively high values compared to many countries). But the annual rate of GDP growth averages 2.3% in the United States and 2.7% in Singapore. 

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

Discuss what evidence/theory from Chapter 7 you are using to support this prediction.

  • 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, although not the highest of all countries.

Suppose a developing country (such as Eritrea with a value of 0.440 or Haiti with 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 of the three countries above would you choose?  Explain what additional information about each country would be important to making this assessment.

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