What is global per capita income today

Assignment:

Current Economics Analysis

Personal Assignment

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There are two Internet questions included in this assignment.

Problem 1

In 2015, approximately 59 percent of the adult population (250 million) was employed, among the lowest employment rates in 20 years. If the employment rate increased to the prerecession level of 62 percent,

a. How many more people would be working?

b. By how much would output increase if GDP per worker was \$100,000?

Problem 2

The World Bank projects that the world's population will increase from 7 billion today to 8 billion in 2025. World output today is roughly \$80 trillion.

a. What is global per capita income today?

b. What will per capita income be in 2025 if the world's economy doesn't grow?

c. By what percentage must the world economy grow by 2025 to maintain current living standards?

Problem 3

According to the data in Figure 15.4 on p. 292, by what percent did world GDP per capita grow from

a. 1000 to 1500?

b. 1500 to 1820?

c. 1820 to 1995?

Problem 4

According to the News Wire "Savings Rates" on page 297, If a German and an American both had \$100,

a. How many more dollars would the German save in 2012?

b. Why are higher saving rates desirable?

Internet Questions

Question 1

Visit the Heritage Foundation website page for the Index of Economic Freedom, http://www.heritage.org/index/Default.aspx. How does economic freedom in the U.S. compare to countries in South America and in Europe? How would you expect future economic growth in the U.S. to compare to those nations? Explain.

Question 2

Go to the CIA's World Factbook website, https://www.cia.gov/library/publications/resources/the-world-factbook/index.html. For the United States, Switzerland, Sweden, and Hong Kong go to their Economy pages and report each country's "GDP composition by end use" for the components of GDP. Based on what you have learned thus far in this course, discuss in your view which country's economic system has an advantage over the others. Feel free to first explore the other Factbook pages for each country, which may help inform your opinion.

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