Assume a country currently has rGDP of $7 billion. If the country grows at a constant 7% rate for 45 years, roughly how much larger is the country in rGDP terms? Note: enter answer with only numerical values and round up to the nearest tenth. For example, if you think the answer is "$101.58 billion" then enter the answer "101.6" in the space below.

Assume a country currently has rGDP of $7 billion. If the country grows at a constant 7% rate for 45 years, roughly how much larger is the country in rGDP terms? Note: enter answer with only numerical values and round up to the nearest tenth. For example, if you think the answer is "$101.58 billion" then enter the answer "101.6" in the space below.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 33P: An economy starts off with a GDP per capital of 12,000 euros. How large will the GDP per capita be...

See similar textbooks

Similar questions

At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double. Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ million. In 60 years the value of GDP will be times larger than it is today. ASUS
If income per capita is growing at a constant rate 3%, how long will it take to double?
If a country grows at a rate of 3% per year, how many years will it take to double in size? The answer is 23.33. Please show your work and solve this.
A mathematical approximation called the rule of 70 tells us how long it will take for something to double in size if it grows at a constant rate. The doubling time is approximately equal to the number 70 divided by the percentage rate of growth. Thus, if Oman's real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70 ÷ 7) to double. Apply the rule of 70 to solve the following problem: Real GDP per person in Oman in 2020 was about $13,000 per person, while it was about $52,000 per person in the United States. If real GDP per person in Oman grows at the rate of 2 percent per year, about how long will it take Oman's real GDP per person to reach the level that the United States enjoyed in 2020? (Hint. How many times would Oman's 2020 real GDP per person have to double to reach the United States' 2020 real GDP per person?) years
Suppose Egypt has a real GDP per capita of $28,000. If real GDP per capita grows at a 3.5% annual rate, how long will it take for real GDP per capita to reach $70,000 in Egypt?
A simple economy produces only lumber, granola bars, and computers. Annual production of these goods for 3 years are shown below along with their prices. If 2020 is the base year, the value of 2021 production in constant dollars is $ _ Don't include $ or any commas or spaces in your answer. Copyrighted material - not to be shared. 2019 2020 2021 Production of lumber (units) Price of lumber ($ per unit) Production of granola bars (units) Price of granola bars ($ per unit) Production of computers (units) Price of computers ($ per unit) 100 120 130 100 120 125 500 600 650 2 2.50 3 50 40 50 300 320 350
If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it take, in years, to double the standard of living in the country as measured by economists? (Round your answer to include 2 decimal places.)
if real GDP grows at an annual rate of 3.4% and the population grows at an annual rate of 1.6% then at approximately what rate is the real GDP per capital growing?
Please solve now without using excel. Thank you!
if a nation real gdp is growing by 3.5 percent per year , its real GDP will double in aproxiately 1. 41.1 years 2, 20.6 years 3, 10.3 years 4, 72 years
If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%
QUESTION 2 If Z = (XY)2, and we know that the annual growth rate of Z is 3%, and the annual growth rate of X is 2%, the annual growth rate of Y is а. - 1% b. - 0.5% C. 0.5% d. 1.0%