Refer to Table 22-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?
GDP per capita = GDP / Population.
GDP per capita in Bulgaria: $55,700,000 / 7,200 = $7,736.11.
GDP per capita in Indonesia: $888,500,000 / 254,500 = $3,491.16.
GDP per capita in South Africa: $349,800,000 / 54,000 = 6,477.78.
GDP per capita in Turkey: $186,200,000 / 90,700 = $2,052.92.
Bulgaria has the highest standard of living because it has the highest GDP per capita.
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What is the government's major problem involved in reaching the optimal level of provision for public goods?
What will be an ideal response?
"Crowding out" is the theory that an increase in our federal government's budget deficit will likely:
a. increase the national debt. b. increase interest rates. c. decrease borrowing by households and businesses d. reduce the impact of the spending multiplier implies because of crowding out. e. all of these.