Answered: What is the term used to describe the…

What is the term used to describe the transition of an economy from low - income to high - income status? A. Economic growth B. Economic development C. Industrialization D. Structural transformation

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions

Section: Chapter Questions

Problem 1WNG

See similar textbooks

Related questions

Q: $10 is not a possible price point per the given answer solution options: Multiple Choice 8; is 8;…

A: Nash equilibrium is a fundamental concept in game theory, named after the mathematician and Nobel…

Q: Introduction to Regional Integration: Provide a brief overview of regional economic integration and…

A: The objective of this question is to understand the concept of regional economic integration and its…

Q: The market demand for vaccine XYZ is given by P = 36−Q and the supply conditions are P = 20. There…

A: Environmental economics delves into managing environmental quality and natural resources amidst…

Q: suppose the government of a desert community wants to punish excessive water useage, where…

A: Managing a Budget and Making Decisions: When making decisions about what to spend their money on,…

Q: Draw a correctly labelled demand and supply graph for the market for toilet paper in the US with an…

A: Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

Q: 1. Brainstorm two or three types of data economists use to measure the economy. 2. How do they turn…

A: This can be defined as a situation In which the person is actively finding a job and has have…

Q: Assume that a price ceiling of $80 has been implemented and there are wasteful lines and search…

A: Price ceiling:It is a situation when government changes the prices of goods and services to maintain…

Q: risk averse managers

A: Low-threat managerial techniques typically talk over with tactics followed by way of corporations to…

Q: year nominal GDP REAL GDP PRICE INDEX 1 5200 4800 2 5600 5000 112 3…

A: Price indices serve as valuable tools that quantify fluctuations in the overall price of items and…

Q: 1. The Outback Steakhouse main office has purchased a $100,000 online document imaging system with…

A: Purchase cost of machine of First Cost = $1,00,000Useliful life of machine = 8 yearsTax depreciation…

Q: Suppose a single firm produces all of the output in a contestable market. Analysts determine that…

A: Market inverse demand function: P=400−4QFirm total cost function: C(Q)=16QThere is only one firm…

Q: please do it quick i need it as soon as possible.(3) Sketch a supply and demand model of the housing…

A: The desire of an individual to buy a product according to the willingness and ability to purchase a…

Q: Equality

A: Equality refers to the kingdom of being identical, fair, or just, mainly in the distribution of…

Q: Please refer to the diagram below representing a hypothetical economy. In this case, AD1 represents…

A: Aggregate demand:Aggregate Demand is when the total number of consumers have the desire to buy…

Q: Assume a barter economy that consists of only three standardized goods, (X, Y, Z). The relative…

A: The barter economy consists of the goods X, Y and Z. The unique relative prices describes the…

Q: QUESTION 7 Assume the following is the budget equation for Courtney who spends her income between…

A: Consumers make choices to maximize their satisfaction or utility(U). Consumers face limited…

Q: MICRO ECONOMIC Calculate the inflation rate for the following time periods (use the CPI data on…

A: A representative basket of items/goods and services is used to calculate the Consumer Price Index…

Q: Consider the AS-AD and three-equations models of a closed economy. Analyse the effects of an oil…

A: Economic analysis is the process of examining data and trends in order to better comprehend economic…

Q: Consider these elasticities of demand of tourists in Austria Destination Income Elasticity Price…

A: The table for elasticities of demand of tourists in Austria is given as follows-DestinationIncome…

Q: urgent

A: The objective of the question is to calculate the sum of squared errors (SSE) for the given sequence…

Q: The following table shows how the marginal benefit of a service varies for five consumers. Quantity…

A: The marginal benefit for the five consumers are provided…

Q: $400 320 Assume a price floor of $ 320 has been implemented. What is the quantity of lawn mowers…

A: The government imposes minimum and maximum price to protect the consumer and producers in a rise in…

Q: Jefferson Company's demand for its only product exceeds its manufacturing capacity. The company…

A: Utilization rate is the rate or ratio that indicates the extent to which a resource is being used…

Q: Please give me proper calculation and full explanation otherwose i give multiple downvote Note:-…

A: The objective of the question is to find the price of capital given the marginal product of labor…

Q: The table below shows the total utility from consuming different amounts of Grapefruits. Use the…

A: Total Utility is the total satisfaction that is derived from consumption of the goods that the…

Q: A certain task can be performed by the executive, working alone, in 4 hours. If he delegates the…

A: Costs can be categorized into fixed costs (remain constant regardless of production levels) and…

Q: A B 6 Variable Cells 7 8 9 10 10 C Cell Name $B$4 Acres allotted Soybean $C$4 Acres allotted Corn 11…

A: In this question we are given with the excel spreadsheet containing a linear programming problem or…

Q: e) Now assume that, starting from the optimal point in d), your wage increases to £18 per hour.…

A: Wage differential:The wage is the remuneration paid to an employee for the work done by him. There…

Q: cost function

A: In a completely competitive market, the long-run equilibrium occurs when marginal revenue equals…

Q: Babydrink is a monopolist due to its patent in infant formula. The total cost for production in…

A: Monopoly refers to market where the only single firm exists in the market. single firm is price…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Production function:Production is a function of land labor capital and entrepreneurship. It includes…

Q: Pls correct this time help

A: The opportunity cost of producing an additional 15 units of bacon when operating at point C is 20…

Q: To determine the optimal amount of a public good to supply, the government must know Question…

A: The objective of the question is to identify the information that the government needs to determine…

Q: c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is…

A: The net gain of a consumer at a given price refers to the difference between the consumer's…

Q: Babydrink is a monopolist due to its patent in infant formula. The total cost for production in…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Introduction to Regional Integration: Provide a brief overview of regional economic integration and…

A: Regional economic integration refers to the agreement among countries in a geographic region to…

Q: technologies

A: Output: The merged firm would produce 13 units of output. This is found by setting marginal revenue…

Q: Consider the market for rental housing in Yourtown. The demand and supply schedules for rental…

A: The market for rental housing is given asPrice Quantity demandedQuantity…

Q: Suppose a firm is currently producing 900 computers per week and charging a price of $1,200 per…

A: Gross domestic product is the final combination of goods and services in a country. GDP is an…

Q: Recently, some members of Congress have proposed a law that would make price stability the sole goal…

A: Expansionary monetary policy stimulates aggregate demand. In case of recessions, expansionary…

Q: Consider a consumer who is choosing between All Other Goods (AOG) and food. Suppose the market price…

A: A consumer makes a decision between food and All Other Goods (AOG).Market cost of AOG: $1 per unit.…

Q: What type of economy does the United States have?

A: Economies are broadly categorized into three main types: market economy, command (or planned)…

Q: If income increases by 10% and, in response , the quantity of housing demanded increases by 7%, then…

A: The elasticity of demand:Elasticity is defined as the responsiveness to change in one variable. When…

Q: A researcher believes that 8% of pet dogs in Europe are Labradors. If the researcher is right,…

A: The objective of this question is to find the probability that the proportion of Labradors in a…

Q: If someone wants full time work, but can only find part time work, how might they be described? O…

A: Frictional unemployment occurs when individuals are between jobs or searching for a new job and can…

Q: assume popcorn and soft drinks are complements, use the indifferent analysis to illustrate what…

A: This can be defined as a concept that shows from the available fixed resources to the consumer how…

Q: In 2020 and 2021, a country produced two products: X, Y, and Z. The quantities produced and the…

A: The table containing the value of X, Y and Z is given as YearQuantity of X in UnitsPrice of X in…

Q: Production Possibilities Curve Food 100 B 75 50 100 E F 150 Clothes A 200 Explain the above…

A: The highest output combination of the two products that a producer may achieve or generate given the…

Q: What was the major intent of the Freedom to Farm Act of 1996? Do you agree with the intent? Why or…

A: Farm subsidies are important for economic stability, security of food, income support, and supply…

Q: What was the role of the 1980s Third World debt crises in setting the stage for the “commodity…

A: The objective of the question is to understand the connection between the Third World debt crisis of…

Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

Question

What is the term used to describe the transition of an economy from low -
income to high - income status? A. Economic growth B. Economic
development C. Industrialization D. Structural transformation

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Explain the transition of an economy

VIEW

Step 2: Choose the correct option

VIEW

Step 3: Explain incorrect options

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is not an example of economic development? A. Improvement of human development b. Availability of science and technology inventions for public use C. Shut down of international flights D. Philippines being the food basket of Asia.
Economic Development can analyze and answer the following questions except one a. When will you know you are at vulnerable state due to economic downturn? b. Should export of primary products such as agricultural commodities be promoted in low-income countries? c. Are there serious economic costs of pursuing sustainable development? d. How globalization of trade and finance influenced international economic relations?
Pattern in which economies with low per capita incomes grow faster than economies with high per capita incomes a- depression b- convergence c-recession d-profit
Identify 4 public policies that can stimulate employment and facilitate economic growth in an economy.
Question 5 Sort the items below according to whether they promote economic growth, inhibit economic growth, or have no effect on economic growth A. The use of competitive markets to allocate goods and services A. Promote economic growth A. The creation of a price floor on sugar B. inhibit economic growth A. Laws preventing industrial espionage C. No effect on economic growth Clear laws regarding the transfer of property A corrupt government The development of regulations that make creating a small business difficult A. B. B. B. A nation's central bank declares it will print money to pay for government expenditures. A Moving to another question will save this response. O D 2: hp 51°F
Explain the term economic development and how is economic development measured?
Explain how the economic principles guides economic growth and productivity?
What are the meanings of ‘Economic growth’ and ‘Economic development’? What ‘Economic development’ means? Eradicate extreme hunger and poverty Achieve universal primary education Promote gender equality and empower women Reduce child mortality Improve maternal health Combat HIV/AIDS, malaria and other diseases Ensure environmental sustainability Develop a global partnership for development.
What factors contribute the most to economic growth?
What are the economies according to the stages of development? explain the three global economic systems.
Explain in detail. How the economy of US changed over years. Is there any economic progress there?
In what role do you think does savings and investments play in the economy? Explain your answer. In what way does saving and investment affect economic growth and development? Give an example and justify your answer.