Hw #1 for Econ 471
Spring 2013 Econ 471 Prof. Bee-Yan Roberts
COVER PAGE TO PROBLEM SET #1
Printed Name:
While you are permitted to work together as a group, you must write out the answers on your own (preferably in a separate room) without any help from those in the group. Problem sets with similar answers in any question will receive a grade of zero.
I have not received any help and I have not provided help to other students in writing up the answers to this problem set.
Signature:
Unless your written work is very neat, clean and legible, you need to type up your answers to the problem set, which will be handed in the beginning of class on Tuesday, Jan. 22. No late problem sets will be accepted.
Spring 2013 Econ 471 Prof. Bee-Yan Roberts
Problem Set 1
1. The figures in the following problems are all actual numbers taken from reports prepared by various organizations like the World Bank
Average Annual GDP per capita Growth Rates
Growth Miracles | Growth Disasters | Country | 1995-2005 | Country | 1995-2005 | China | 8.0 | Djibouti | -1.2 | Oman | 2.0 | Eritrea | -1.0 | Singapore | 4.5 | Ivory Coast | -1.3 | Hong Kong | 2.0 | Uruguay | -0.6 |
The table above documents the average annual GDP per capita growth of 4 countries that grew very rapidly and 4 that were growth disasters between 1995 and 2005.
A) In 1995, the GDP per capita of the Ivory Coast was $8500, greater than that of Oman which was $6355. Using the figures in the table above, calculate GDP per capita for these two countries in the year 2005.
B) In terms of sustained growth, China is the world’s fastest growing country. At this rapid growth rate, how long will it take China to double its income per capita? Contrast this result to the one for Hong Kong where the annual average growth rate over the same 10-year period is 2.0%
C) In 1995 the Singaporean government’s goal was to
COVER PAGE TO PROBLEM SET #1
Printed Name:
While you are permitted to work together as a group, you must write out the answers on your own (preferably in a separate room) without any help from those in the group. Problem sets with similar answers in any question will receive a grade of zero.
I have not received any help and I have not provided help to other students in writing up the answers to this problem set.
Signature:
Unless your written work is very neat, clean and legible, you need to type up your answers to the problem set, which will be handed in the beginning of class on Tuesday, Jan. 22. No late problem sets will be accepted.
Spring 2013 Econ 471 Prof. Bee-Yan Roberts
Problem Set 1
1. The figures in the following problems are all actual numbers taken from reports prepared by various organizations like the World Bank
Average Annual GDP per capita Growth Rates
Growth Miracles | Growth Disasters | Country | 1995-2005 | Country | 1995-2005 | China | 8.0 | Djibouti | -1.2 | Oman | 2.0 | Eritrea | -1.0 | Singapore | 4.5 | Ivory Coast | -1.3 | Hong Kong | 2.0 | Uruguay | -0.6 |
The table above documents the average annual GDP per capita growth of 4 countries that grew very rapidly and 4 that were growth disasters between 1995 and 2005.
A) In 1995, the GDP per capita of the Ivory Coast was $8500, greater than that of Oman which was $6355. Using the figures in the table above, calculate GDP per capita for these two countries in the year 2005.
B) In terms of sustained growth, China is the world’s fastest growing country. At this rapid growth rate, how long will it take China to double its income per capita? Contrast this result to the one for Hong Kong where the annual average growth rate over the same 10-year period is 2.0%
C) In 1995 the Singaporean government’s goal was to