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Chapter 25
Problems and Applications 1. The facts that countries import many goods and services yet must produce a large quantity of
goods and services themselves to enjoy a high standard of living are reconciled by noting that there are substantial gains from trade. In order to be able to afford to purchase goods from other
countries, an economy must generate income. By producing many goods and services, then trading them for goods and services produced in other countries, a nation maximizes its standard of living.
2. a. More investment would lead to faster economic growth in the short run.
b. The change would benefit many people in society who would have higher incomes as the
result of faster economic growth. However, there might be a transition period in which workers and owners in consumption-good industries would get lower incomes, and
workers and owners in investment-good industries would get higher incomes. In addition, some group would have to reduce their spending for some time so that investment could rise.
3. a. Private consumption spending includes buying food and buying clothes; private investment
spending includes people buying houses and firms buying computers. Many other
examples are possible. Education can be considered as both consumption and investment.
b. Government consumption spending includes paying workers to administer government
programs; government investment spending includes buying military equipment and building roads. Many other examples are possible. Government spending on health
programs is an investment in human capital. This is truer for spending on health programs for the young rather than those for the elderly.
4. The opportunity cost of investing in capital is the loss of consumption that results from redirecting
resources toward investment. Over-investment in capital is possible because of diminishing marginal returns. A country can "over-invest" in capital if people would prefer to have higher
consumption spending and less future growth. The opportunity cost of investing in human capital is also the loss of consumption that is needed to provide the resources for investment. A country could "over-invest" in human capital if people were too highly educated for the jobs they could getfor example, if the best job a Ph.D. in philosophy could find is managing a restaurant.
5. a. When a German firm opens a factory in South Carolina, it represents foreign direct
investment.
b. The investment increases U.S. GDP because it increases production in the United States.
The effect on U.S. GNP would be smaller because the owners would get paid a return on their investment that would be part of German GNP rather than U.S. GNP.
6. a. The United States benefited from the Japanese investment because it made our capital
stock larger, increasing our economic growth.
b. It would have been better for the United States to make the investments itself because
then it would have received the returns on the investment itself, instead of the returns going to Japan.
7. Greater educational opportunities for women could lead to faster economic growth in the countries
of South Asia because increased human capital would increase productivity and there would be external effects from greater knowledge in the country. Second, increased educational
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Chapter 25/Production and Growth 2
opportunities for young women may lower the population growth rate because such opportunities raise the opportunity cost of having a child.
8. a.
Individuals with higher incomes have better access to clean water, medical care, and good nutrition.
b. Healthier individuals are likely to be more productive.
c. 9. a.
b.
10. a.
b.
Understanding the direction of causation will help policymakers place proper emphasis on the programs that will achieve both greater health and higher incomes.
Political stability could lead to strong economic growth by making the country attractive to investors. The increased investment would raise economic growth.
Strong economic growth could lead to political stability because when people have high incomes they tend to be satisfied with the political system and are less likely to overthrow or change the government.
If output is rising and the number of workers is declining, then output per worker must be rising.
Policymakers should not be concerned as long as output in the manufacturing sector is not declining. The reduction in manufacturing jobs will allow labor resources to move to other industries, increasing total output in the economy. An increase in productivity of workers (as measured by output per worker) is beneficial to the economy.
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2022-08-18
