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Chapter 8: Q2. (page 173)

In 1820, living standards in various places around the globe were _______ they are today.

a. more widely varying than

b. just as widely varying as

c. less widely varying than

Short Answer

Expert verified

The correct option is (a): more widely varying than

Step by step solution

01

Step 1. Reason behind opting option (a).

1820, the year after the industrial revolution, caused modern economic growth. Countries where the modern economic growth initiated at the early phase experienced a rapid increase in the standard of living. These countries became more prosperous at a higher rate relative to the countries where modern economic growth has yet to arrive.

Since the industrial revolution started in 1776 in the U.K after the invention of the steam engine, living standards in countries like the U.K, France, and Portugal increased more rapidly than the majority of countries globally. Hence, in 1820, the living standards in various places around the world were 鈥渕ore widely varying than鈥� they are today.

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Most popular questions from this chapter

What is growth accounting? To what extent have increases in U.S. real GDP resulted from more labor inputs? From greater labor productivity? Rearrange the following contributors to the growth of productivity in order of their quantitative importance: economies of scale, quantity of capital per worker, improved resource allocation, education and training, and technological advance.

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Assume that a leader country has real GDP per capita of \(40,000, whereas a follower country has real GDP per capita of \)20,000. Next, suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 7 percent in the follower country. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country?

Identify each of the following situations as something that either promotes growth or retards growth.

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Suppose an economy鈥檚 real GDP is \(30,000 in year 1 and \)31,200 in year 2. What is the growth rate of its real GDP? Assume that the population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
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