Homework Answers
Ans. The following formula will be used in solving all the parts of the question. Futures Value of gdp will be Present Value × (1+growth rate) ^ no. of years
FV= PV * (1+g)^n
G = growth rate (3.5%)
1) 20 years and 2 months
2) 2 times ( it will become 3 times in 61st year)
3) $78,780,909.01
4) 7.878090901 times (78780909.01÷10000000)
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At an annual growth rate of 3.5% it will take approximately 20 years for a country's...
1. At an annual growth rate of 1.75% it will take _______ years for a country's GDP to double
1. At an annual growth rate of 1.75% it will take _______ years for a country's GDP to double. If GDP starts at a value of $100 million, then in 200 years we would expect the value of GDP to be _______ times larger. 2. If nominal GDP is growing at 5% per year, the inflation rate is 2% per year, and population growth is-190 per year then real GDP per capita is growing at _______ percent per year. 3. A country...
Question 20: A country has a 2008 growth rate of 4.2% and a 2007 GDP of...
Question 20: A country has a 2008 growth rate of 4.2% and a 2007 GDP of $8,222 (in billions). What was the GDP in 2008? Question 31: If a country's initial real GDP is $10,000 and its yearly growth rate of GDP is 3.5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. A) 24.5 years B) 7 years C) 4.5 years D) 20 years Question 38: Consider...
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 .
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...
Country A starts with real GDP per capita equal to $40,000 and Country B starts with...
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...
The table above is the data for country D, a developed country.
Current YearPrevious YearGrowth RateReal GDP$8.4 trillion$8.0 trillionPopulation202 million200 millionGDP per Capita$$Formulas you could use:- Growth Rate in percentage = (Current year value - previous year value)/ previous year- GDP per Capita = Real GDP/population (Ch6 Section 6.4)- Future value = Present value x(1+ growth rate )^number of years (Ch7 Section 7.2)- Rule of 72 :- 72 / growth rate = number of years to double the actual value (Ch19 Section19.2)The table above is the data for country D, a developed...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. a. True b. False 2. If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion. a. True b. False 3. If consumption is 57000, exports are $600. government purchases are $2000. government transfers are $900, imports...
CHAPTER 7 PRODUCTION AND GROWTH 161 ical formula over that 25-yesate of growth in International data...
CHAPTER 7 PRODUCTION AND GROWTH 161 ical formula over that 25-yesate of growth in International data show a positive correlation between income per person and the health of the population. a. Explain how higher income might cause better health outcomes. h. Explain how better health outcomes might cause higher income. c. How might the relative importance of your two hypotheses be relevant for public policy? 13. The great eighteenth-century economist Adam Smith wrote, “Little else is requisite to carry a...
#19 #20 #21 Use Me Jollowing information to answer the next several questions. Table 6.3 The...
#19 #20 #21
Use Me Jollowing information to answer the next several questions. Table 6.3 The following table lists the basket of goods in the Vegetarian Price Index (Assume 1993 is the base year.) Quantity 1993 Price 1994 Price 1995 Price Apples 10 $1.00 $1.50 $2.00 Cabbages 5 $2.00 $3.00 $2.50 Oranges 5 $2.00 $2.00 3.00 10 X 1.50 5 * 5.00 5 x 2.00 16) Using the information in Table 6.3, the Vegetarian Price Index for 1994 is: 16)...
saved Country- Value (thousands of dollars) Initial Value ($50 - $10,000) 1,300.00 Growth Rate: 2.3% 0.1%...
saved Country- Value (thousands of dollars) Initial Value ($50 - $10,000) 1,300.00 Growth Rate: 2.3% 0.1% 10.0% Country-Y Initial Value ($50 - $10,000) 6,700.00 im N Growth Rate: 0.6% 0.1% 10.0% CALCULATIONS 0 5 10 15 20 25 30 35 40 Years Value in Country-X 10 years Country-Y $7,113.03 $7,551.52 $8,017.04 $1,631.92 $2,048.59 $2,571.65 20 years - Country-X --- Country-Y 30 years < Prev 21 of 22 Next > re to search OBI - Ô e o a e w...
1.The purchasing power of the $20 bill increases over time due to inflation. Group of answer...
1.The purchasing power of the $20 bill increases over time due to inflation. Group of answer choices True False 2.The consumer price index increased from 120 to 132. If you received a raise equal to 10% during this time period then your real income has decreased. Group of answer choices True False 3.Productivity is measured by calculating the growth rate of real GDP. Group of answer choices True False 4.The labor force is made up of all people who are...
1. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. a. True b. False 2. If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion. a. True b. False 3. If consumption is 57000, exports are $600. government purchases are $2000. government transfers are $900, imports...
CHAPTER 7 PRODUCTION AND GROWTH 161 ical formula over that 25-yesate of growth in International data show a positive correlation between income per person and the health of the population. a. Explain how higher income might cause better health outcomes. h. Explain how better health outcomes might cause higher income. c. How might the relative importance of your two hypotheses be relevant for public policy? 13. The great eighteenth-century economist Adam Smith wrote, “Little else is requisite to carry a...
#19 #20 #21
Use Me Jollowing information to answer the next several questions. Table 6.3 The following table lists the basket of goods in the Vegetarian Price Index (Assume 1993 is the base year.) Quantity 1993 Price 1994 Price 1995 Price Apples 10 $1.00 $1.50 $2.00 Cabbages 5 $2.00 $3.00 $2.50 Oranges 5 $2.00 $2.00 3.00 10 X 1.50 5 * 5.00 5 x 2.00 16) Using the information in Table 6.3, the Vegetarian Price Index for 1994 is: 16)...
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