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ECON 104 PS2

# ECON 104 PS2 - Rian Holland ECON 104 Problem Set#2 Ch 6 1...

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Rian Holland ECON 104 Problem Set #2 Ch. 6 1. Nigeria: about 810 surviving; Argentina: 982 surviving. Nigeria has almost 200 more children die per year before the age of 5. Nigeria GDP: about \$1,000 per capita; Argentina GDP: about \$12,000 per capita. Argentineans make about \$11,000 more per person than Nigerians. 8. 70/7= 10 years to reach \$20,000 20 years to reach \$40,000 40 years to reach \$160,000 Ch. 8 1. Save most for later to smooth the consumption rate. 2a. A criminal is more likely to smoke 2b. A person who does not save is more likely to shoot heroin. 2c. A nonsmoker is more likely to have a lot of credit card debt. 2. If a nation’s supply curve is vertical, people save no matter what the interest rate becomes. 9a. Nominal – Inflation = Real; 2% d. -2% 1 (Based on 20 years of work; 1.100,00 total income) a In the average year if Gwen works for 20 years, she should consume about \$50,000 per year b She will save about \$40,000 in the good years. c In the bad years she will be borrowing about \$30,000.

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