曼昆经济学原理英文版文案加习题答案25章.docx

曼昆经济学原理英文版文案加习题答案25章.docx

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曼昆经济学原理英文版文案加习题答案25章

WHAT’SNEWINTHESEVENTHEDITION:

ThereisanewIntheNewsboxon“DoesFoodAidHelporHurt?

”

LEARNINGOBJECTIVES:

Bytheendofthischapter,studentsshouldunderstand:

howmucheconomicgrowthdiffersaroundtheworld.

whyproductivityisthekeydeterminantofacountry’sstandardofliving.

thefactorsthatdetermineacountry’sproductivity.

howacountry’spoliciesinfluenceitsproductivitygrowth.

CONTEXTANDPURPOSE:

Chapter12isthefirstchapterinafour-chaptersequenceontheproductionofoutputinthelongrun.Chapter12addressesthedeterminantsofthelevelandgrowthrateofoutput.Wefindthatcapitalandlaborareamongtheprimarydeterminantsofoutput.InChapter13,weaddresshowsavingandinvestmentincapitalgoodsaffecttheproductionofoutput,andinChapter14,welearnaboutsomeofthetoolspeopleandfirmsusewhenchoosingcapitalprojectsinwhichtoinvest.InChapter15,weaddressthemarketforlabor.

ThepurposeofChapter12istoexaminethelong-rundeterminantsofboththelevelandthegrowthrateofrealGDPperperson.Alongtheway,wewilldiscoverthefactorsthatdeterminetheproductivityofworkersandaddresswhatgovernmentsmightdotoimprovetheproductivityoftheircitizens.

KEYPOINTS:

Economicprosperity,asmeasuredbyGDPperperson,variessubstantiallyaroundtheworld.Theaverageincomeintheworld’srichestcountriesismorethantentimesthatintheworld’spoorestcountries.BecausegrowthratesofrealGDPalsovarysubstantially,therelativepositionsofcountriescanchangedramaticallyovertime.

Thestandardoflivinginaneconomydependsontheeconomy’sabilitytoproducegoodsandservices.Productivity,inturn,dependsontheamountsofphysicalcapital,humancapital,naturalresources,andtechnologicalknowledgeavailabletoworkers.

Governmentpoliciescantrytoinfluencetheeconomy’sgrowthrateinmanyways:

byencouragingsavingandinvestment,encouraginginvestmentfromabroad,fosteringeducation,promotinggoodhealth,maintainingpropertyrightsandpoliticalstability,allowingfreetrade,andpromotingtheresearchanddevelopmentofnewtechnologies.

Theaccumulationofcapitalissubjecttodiminishingreturns:

Themorecapitalaneconomyhas,thelessadditionaloutputtheeconomygetsfromanextraunitofcapital.Asaresult,whilehighersavingleadstohighergrowthforaperiodoftime,growtheventuallyslowsdownascapital,productivity,andincomerise.Alsobecauseofdiminishingreturns,thereturntocapitalisespeciallyhighinpoorcountries.Otherthingsequal,thesecountriescangrowfasterbecauseofthecatch-upeffect.

Populationgrowthhasavarietyofeffectsoneconomicgrowth.Ontheonehand,morerapidpopulationgrowthmaylowerproductivitybystretchingthesupplyofnaturalresourcesandbyreducingtheamountofcapitalavailableforeachworker.Ontheotherhand,alargerpopulationmayenhancetherateoftechnologicalprogressbecausetherearemorescientistsandengineers.

CHAPTEROUTLINE:

I.EconomicGrowtharoundtheWorld

Table1

A.Table1showsdataonrealGDPperpersonfor13countriesduringdifferentperiodsoftime.

1.Thedatarevealthefactthatlivingstandardsvaryagreatdealbetweenthesecountries.

2.Growthratesarealsoreportedinthetable.Japanhashadthelargestgrowthrateovertime,2.65%peryear（onaverage）.

UseTable1tomakethepointthataone-percentagepointchangeinacountry’sgrowthratecanmakeasignificantdifferenceoverseveralgenerations.Thepowerfuleffectsofcompoundingshouldbeusedtounderscoretheprocessofeconomicgrowth.

3.Becauseofdifferentgrowthrates,therankingofcountriesbyincomeperpersonchangesovertime.

a.Inthelate19thcentury,theUnitedKingdomwastherichestcountryintheworld.

b.Today,incomeperpersonislowerintheUnitedKingdomthanintheUnitedStates（aformercolonyoftheUnitedKingdom）.

B.FYI:

AreYouRicherThantheRichestAmerican?

1.AccordingtothemagazineAmericanHeritage,therichestAmericanofalltimeisJohnB.Rockefeller,whosewealthtodaywouldbetheequivalentofapproximately$200billion.

2.Yet,becauseRockefellerlivedfrom1839to1937,hedidnotgetthechancetoenjoymanyoftheconvenienceswetakeforgrantedtodaysuchastelevision,airconditioning,andmodernmedicine.

3.Thus,becauseoftechnologicaladvances,theaverageAmericantodaymayenjoya“richer”lifethantherichestAmericanwholivedacenturyago.

C.FYI:

APictureIsWorthaThousandStatistics

1.Thisboxpresentsthreephotosshowingatypicalfamilyinthreecountries–theUnitedKingdom,Mexico,andMali.Eachfamilywasphotographedoutsidetheirhome,togetherwithalloftheirmaterialpossessions.

2.Thesephotosdemonstratethevastdifferenceinthestandardsoflivinginthesecountries.

II.Productivity:

ItsRoleandDeterminants

A.WhyProductivityIsSoImportant

1.Example:

RobinsonCrusoe

a.Becauseheisstrandedalone,hemustcatchhisownfish,growhisownvegetables,andmakehisownclothes.

b.Hisstandardoflivingdependsonhisabilitytoproducegoodsandservices.

2.Definitionofproductivity:

thequantityofgoodsandservicesproducedfromeachunitoflaborinput.

3.ReviewofPrinciple#8:

ACountry’sStandardofLivingDependsonItsAbilitytoProduceGoodsandServices.

B.HowProductivityIsDetermined

1.PhysicalCapitalperWorker

a.Definitionofphysicalcapital:

thestockofequipmentandstructuresusedtoproducegoodsandservices.

b.Example:

Crusoewillcatchmorefishifhehasmorefishingpoles.

2.HumanCapitalperWorker

a.Definitionofhumancapital:

theknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.

b.Example:

Crusoewillcatchmorefishifhehasbeentrainedinthebestfishingtechniquesorashegainsexperiencefishing.

3.NaturalResourcesperWorker

a.Definitionofnaturalresources:

theinputsintoproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.

b.Example:

Crusoewillhavebetterluckcatchingfishifthereisaplentifulsupplyaroundhisisland.

4.TechnologicalKnowledge

a.Definitionoftechnologicalknowledge:

society’sunderstandingofthebestwaystoproducegoodsandservices.

b.Example:

Crusoewillcatchmorefishifhehasinventedabetterfishinglure.

C.FYI:

TheProductionFunction

1.Aproductionfunctiondescribestherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.

2.Theproductionfunctiongenerallyiswrittenlikethis:

whereY=output,L=quantityoflabor,K=quantityofphysicalcapital,H=quantityofhumancapital,N=quantityofnaturalresources,Areflectstheavailableproductiontechnology,andF（）isafunctionthatshowshowinputsarecombinedtoproduceoutput.

3.Manyproductionfunctionshaveapropertycalledconstantreturnstoscale.

a.Thispropertyimpliesthatasallinputsaredoubled,outputwillexactlydouble.

b.Thisimpliesthatthefollowingmustbetrue:

wherex=2ifinputsaredoubled.

c.Thisalsomeansthatifwewanttoexamineoutputperworkerwecouldsetx=1/Landwewouldgetthefollowing:

Thisshowsthatoutputperworkerdependsontheamountofphysicalcapitalperworker（K/L）,theamountofhumancapitalperworker（H/L）,andtheamountofnaturalresourcesperworker（N/L）.

4.CaseStudy:

AreNaturalResourcesaLimittoGrowth?

a.Thissectionpointsoutthatasthepopulationhasgrownovertime,wehavediscoveredwaystolowerouruseofnaturalresources.Thus,mosteconomistsarenotworriedaboutshortagesofnaturalresources.

III.EconomicGrowthandPublicPolicy

Startoutbyaskingstudentswhatfactorstheybelievewillleadtogreatereconomicgrowthinthefuture.

A.SavingandInvestment

1.Becausecapitalisaproducedfactorofproduction,asocietycanchangetheamountofcapitalthatithas.

2.However,thereisanopportunitycostofdoingso;ifresourcesareusedtoproducecapitalgoods,fewergoodsandservicesareproducedforcurrentconsumption.

B.DiminishingReturnsandtheCatch-UpEffect

1.Definitionofdiminishingreturns:

thepropertywherebythebenefitfromanextraunitofaninputdeclinesasthequantityoftheinputincreases.

Figure1

a.Asthecapitalstockrises,theextraoutputproducedfromanadditionalunitofcapitalwillfall.

b.ThiscanbeseeninFigure1,whichshowshowtheamountofcapitalperworkerdeterminestheamountofoutputperworker,holdingconstantallotherdeterminantsofoutput.

c.Thus,ifworkersalreadyhavealargeamountofcapitaltoworkwith,givingthemanadditionalunitofcapitalwillnotincreasetheirproductivitybymuch.

d.Inthelongrun,ahighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthratesinthesevariables.

2.Animportantimplicationofdiminishingreturnsisthecatch-upeffect.

a.Definitionofcatch-upeffect:

thepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.

b.Whenworkershaveverylittlecapitaltobeginwith,anadditionalunitofcapitalwillincreasetheirproductivitybyagreatdeal.

C.InvestmentfromAbroad

1.Savingbydomesticresidentsisnottheonlywayforacountrytoinvestinnewcapital.

2.Investmentinthecountrybyforeignerscanalsooccur.

a.Foreigndirectinvestmentoccurswhenacapitalinvestmentisownedandoperatedbyaforeignentity.

b.Foreignportfolioinvestmentoccurswhenacapitalinvestmentisfinancedwithforeignmoneybutoperatedbydomesticresidents.

3.Someofthebenefits