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:

Øhowmucheconomicgrowthdiffersaroundtheworld.

Øwhyproductivityisthekeydeterminantofacountry’sstandardofliving。

Øthefactorsthatdetermineacountry’sproductivity。

Øhowacountry’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