Real GDP per capita in the country of Arcadia grew from about $4,240 in 1900 to...

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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 an

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Answer 1

Answer #1

Answer: By using the “Growth accounting or Rule of 70” formula we know that the number of years when it’s real GDP per capital will double= 70/ annual growth rate.
Here the annual growth rate is 2.16%

Hence the number of years when its real GDP per capita will double will be= 70/ 2.16 = 32.407 years = 32.41 years

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Answer 2

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Real GDP per capita in the country of Arcadia grew from about $4,240 in 1900 to...

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