Q1: If GDP of country Z is growing 3% annually, how many years will it take for its GDP to double?
Q2: Is economic growth good for society? What are some of the benefits and costs associated with economic growth?
Q3: Suppose an economy's real GDP is $40,000 in year 1 and $50,000 in year 2. What is growth rate of that economy from year 1 to year 2?
1 and 3 are solved in A4 sheets below
2. Economic growth is always good for the society arise
It lifts the people standard of living
Gives job to so many peoples and overall boost the economy and head towards a good growth for the betterment of the people
But sometimes it also causes some type of cost like it causes so many pollution and environment costs.
Externalities also arises.
Q1: If GDP of country Z is growing 3% annually, how many years will it take...
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...
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 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...
Here is some data on the economy: 2007 2008 Real GDP $1,300,000 $1,328,000 Populatio 12,227 12,838 2009 $1,429,000 13,480 2010 $1,411,000 14,154 2) Calculate real GDP per capita 3) Calculate the growth rates for each year for real GDP and population. 4) Estimate the growth rates for each year for GDP per capita real using the growth rates from 3). Check your estimate by calculating the actual per capita growth rate. 5) Using the growth rates from 2008 to 2009,...
on 17 If an economy's GDP per capita was growing at 5% a year, how many years will it take for the GDP per capita to double? er saved s out of 10 ag question Select one: a. 20 years Ob. 10 years O c. 7 years • d. 14 years Clear my choice
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?
Nominal GDP in Zambia has grown rapidly in recent years. But historically, Zambia is a country that has struggled with inflation rates. The table below gives statistics for Zambia in a recent year. Nominal GDP growth rateGDP deflator growth ratePopulation growth rate 14.8%7.4%1.1%What was the rate of economic growth for Zambia? % (Round your answer to the nearest tenth.) Part 2 (1 point)See HintIf Zambia continues to grow at its current rate of economic growth, how long will it take to double the level of per capita real GDP? Round your answer to the nearest...
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 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 $10,000 and its yearly growth rate of GDP is 3.5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. A) 24.5 years B) 7 years C) 4.5 years D) 20 years Question 38: Consider...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....