ANSWER:
Rule of 70:
number of years = 70 / growth rate = 70 / 1.9 = 36.84
so it will take 36.84 years for real gdp per capita to double from 2014 when the growth rate is 1.9%
number of years = 70 / growth rate = 70 / 2.2 = 31.81
so it will take 31.81 years for real gdp per capita to double from 2014 when the growth rate is 2.2%
Question 3 3. As discussed in Chapter 10, real GDP per capita in the United States...
Real GDP per capita in the country of Arcadia grew from about $4,240 in 1900 to about $42,456 in 2008, which represents an annual growth rate of 2.16 percent years If Arcadia continues to grow at this rate, calculate the number of years when its real GDP per capita will double (Enter your response as an integer.)
Country A starts with real GDP per capita equal to $ 40,000 and Country B starts with real GDP per capita equal to $ 2,000 .Today the RGDP per capita in A is _______ times the value in B.Country A is growing at a rate of 3.5 % per year and Country B is growing at a rate of 7 % per year. Assume these growth rates do not change.Country A will double its RGDP per capita in _______ years...
According to the "Rule of 70", how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%? A. less than 1 year B. 35 years C. 5 years D. 14 years
Question 22 (3 points) Annual real per capita gross domestic product (GDP) in the United States was roughly $44,000 in 2010. If it grew by 3 percent the following year, by 2011 the annual real per capita GDP would be $45,320. $42,718. $57,200. $33,846.
A country aims to double real GDP per capita in the next 7 years. This means that on average real GDP per capita must grow at what rate per year? Enter a number rounded to two decimal places such as 2.34. Do not enter a percent sign.
A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1.3% per year then at approximately what rate does real GDP need to grow to achieve this goal?
Country A starts with real GDP per capita equal to $40,000 and Country B starts with real GDP per capita equal to $2,000. Today the RGDP per capita in A is ___ times the value in B. Country A is growing at a rate of 3.5% per year and Country B is growing at a rate of 7% per year. Assume these growth rates do not change. Country A will double its RGDP per capita in _____ years and country...
From 2009 to 2010, per capita real GDP in the United States grew by 1.8%. Given that prices increased by 1% and the population grew by 1%, we know that nominal GDP grew by A) 4.8% B) 1.8% C) 2.8% D) 3.8% E) 5.8%
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate - Inflation rate - Population growth rateThis equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
1) A good measure of the standard of living is A) real GDP per capita B) the real interest rate C) total nominal GDP D) total real GDP. E) nominal GDP per capita 2) If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money? A) 1 year and 3 months B) 2 years and 6 months C) 5 years and 6 months D) 8 years E) 8...