All question explain A, B and 19, 20 21, full explain EconomicsFrom 2009 to 2010, nominal gross domestic product (GDP) in the United States grewby 4 percent. Given that the population grew by 1 percent and price level grew by 1.8percent, calculate the growth rate of real GDP per capita.%Answer: The growth rate of real GDP per capita =In 2020, real GDP per capita in country A is $9,000. By 2021, real GDP per capitaincreases to $10,520. Suppose country A maintains the same economic growth rate.How long will it take for real GDP per capita to double according to the rule of 70?(Round your answer to nearest 1 decimal place.)Answer: It will takeyears for real GDP per capita to double. Suppose that real GDP per capita of country A doubles in 20 years. The annualpopulation growth rate is 1%. Price level increases by 2% every year.Use the given information to answer questions 19-23.Question 19Using the rule of 70, Calculate the annual economic growth rate of country AAnswer: The annual economic growth rateQuestion 20Find the annual inflation rate.Answer: The annual inflation rate=Question 21Calculate the annual growth rate of nominal GDP of country A.Answer: The annual growth rate of nominal GDP-

Real GDP = (Nominal GDP / Price level)*100 => % change in Real GDP = % change in nominal GDP - %…

Economics From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 4 percent. Given that the population grew by 1 percent and price level grew by 1.8 percent, calculate the growth rate of real GDP per capita.

Economics From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 4 percent. Given that the population grew by 1 percent and price level grew by 1.8 percent, calculate the growth rate of real GDP per capita.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

See similar textbooks

Related questions

Q: 2. a. Consider an exchange economy which satisfies the conditions of the First Welfare Theorem (a…

A: Welfare Theorem Welfare Theorems in economics talks about the two theorems that are The First is…

Q: 1. ) Which of the following describe/s the regulatory purpose of taxation a. Collection of Income…

A: Since you have asked multiple questions, we will solve first question for you. If you want any other…

Q: What are the options available to a firm when the market demand exceeds capacity?

A: Here's a set of features that assist companies in proactively addressing excess demand and…

Q: Why are many people now living at the highest level of material prosperity in history? Is this level…

A: When talking about material prosperity, it refers to the sustainability in a society in terms of…

Q: Consider the following national income model : Y = C + I + Go C = 224 + 0.55Y 3.1I = 184 + 0.22Y…

A: Y = C + I + Go C = 224 + 0.55Y 3.1I = 184 + 0.22Y Where Go = 187 Y = C + I + G0or Y = C + I + 187or…

Q: Knoebels Amusement Park in Elysburg, Pennsylvania, charges a lump-sum fee, L, to enter its Crystal…

A: The curve that depicts various quantities of goods and services being demanded by individuals at…

Q: Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The…

A: The overheads are charged to the goods and services. The prime cost includes Direct Material cost…

Q: nsider the following contingency table for gender (male, female) and income status (low, high) based…

A: Answer 1. To calculate the marginal relative frequency of high income, the formula used is :…

Q: Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data…

A: * SOLUTION :-

Q: Price of Oil and Gas Increases Price Expectations Increase Will SRAS Curve Shift? (Yes/No) Which…

A: The short run aggregate supply curve shifts with respect to changes in the cost of production levels…

Q: Assume the universe consists of only two realms, Asgard and Midgard, and their economies are…

A: Let's convert production function into per effective labor terms by dividing both sides by (A L) -…

Q: Assume you have $12,000 in cash. You can deposit it today in a mutual fund earning 8.2%…

A: Given: Cash in hand = $12,000 Interest rate of = 8.2% semiannually Or invest = $11,000 in 2 years…

Q: Assume two nations: Vietnam and US, and two commodities: clothing and wheat. There is only one…

A: 1. We have two countries: The United States and Vietnam. 2. Clothing and wheat are both produced…

Q: Find the Effective Interest Rate Payment Period Payment Period Monthly Semi Annually 6% Compounded…

A: Since you have asked a question with multiple sub-parts, we will solve first three questions for…

Q: The impact of covid 19 on the retail industry this include Makro

A: Covid 19 is an enormous group of infections that cause sicknesses going from the normal cold to…

Q: The distinctive way of life allegedly developed in urbanareas is referred to as __________.

A: Urban areas are more developed as compared to rural areas.

Q: 1% MCIT is not applicable to a. Domestic Corporation b. Resident foreign corporation c. Non…

A: MCIT (Municipal Corporation Income Tax): It refers to the tax that is charged on the gross income.…

Q: Two firms operating in the same market must decide between charging a high price or a low price. The…

A: In game theory, the dominating strategy describes a situation in which one player has better tactics…

Q: A contractor won a bid to repave so many kilometers of a badly damaged concrete road in the south.…

A: Let us assume the value of sq m to make crane economical be (x) . To find the value of (x) we need…

Q: At one point in time, cowrie shells were used as money. Group of answer choices 1. false 2. true

A: Cowrie shells were particularly valuable in ancient Africa.

Q: bbbb x o (1) (3) Refer to Exhibit 2-6. Which graph depicts a technological breakthrough in the…

A: PPF refers to the two goods possible combinations that can be produced wit given level of technology…

Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: Consider the Specific Factors model with two countries, Home and Foreign, with two goods, cloth (c)…

A: PPF production possibility frontier the locus of points depicting the output mix which a country can…

Q: A manufacturer assembles personal computers. If the computers are priced at £1,000 each, the company…

A: Given information: At a price of 1000, sales are 30 units At a price of 800, sales are 50 units The…

Q: In general, Banks earn profits by ... Group of answer choices a. Charging depositors an interest…

A: A bank is a type of financial institution that is permitted to accept deposits and provide loans.…

Q: What are some additional distinctions of urbanization in less developed and more developed…

A: Urbanization is a new trend across the globe. The global population is increasing continuously with…

Q: Question Five A researcher estimated the following investment and savings functions for Ghana in…

A: An income expansion path is a chart describing the effect of changing income groups on consumption.…

Q: What stores all relevant information, data, rules, cases, and relationships used by the expert…

A: Meaning of Managerial Economics: Here, the term managerial economics refers to the process of…

Q: A house and lot can be acquired by a downpayment of P520,000 and a yearly payment of P100,500 at the…

A: Given down payment = 520000 P Yearly payment = 100,500 P Time = 10 years Interest rate = 8 %

Q: Can you please answer the next few parts to this question?

A: To find the equilibrium outputs we solve the reaction functions of both the firms simultaneously.…

Q: How do technically recoverable and economically recoverable amounts of a resource differ? Define the…

A: Technically and financially recoverable asset measurements differ technically: the extent to which…

Q: Consider the two Nash equilibria found above. Is any one of them a Perfect Bayesian Equilibrium…

A: the Nash balance is an idea of game hypothesis where the ideal result of a game is one where no…

Q: Explain the ELASTICITY OF DEMAND FOR APPLE IPHONES AND AUTO INSPECTION STICKERS?

A: Introduction As per Sloman, price elasticity of demand refers to the responsiveness of a good or…

Q: Spot the economics in the following cases by identifying the concept described within the scenario…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Are there other countries around the world that you think might be the next site of an HIV/AIDS…

A: Currently, HIV/AIDS is a pandemic in African countries such as South Africa, Nigeria, Chad, Zambia,…

Q: hen one company has all the market power because it can produce on a large scale cheaply, it is…

A: Monopoly is the form of market structure where a single seller the products in entire market and no…

Q: Cyclical theories explain the reason social change occurs. T or F?

A: Social Change is explained through 5 theories : Evolutionary Cyclical Economic Conflict…

Q: Alice has been in a defined-contribution pension scheme since she was 35 and will retire in one…

A: Pension plans are programmes in which the employer or person sponsoring the plan commits to make a…

Q: Q 25. Which of the following statements accurately describes the role of a comptroller? A…

A: The answer is - A Comptroller Overseas the budget oversight committee

Q: Consider a fictional price index, the University Student Price Index (USPI), based on a typical…

A: Total cost = Price * Quantity Price index = (Total cost in the current year / Total cost in the base…

Q: Bell-land's economy had an unemployment rate of 3% then the economy went into a recession and the…

A: Okun has demonstrated the existence of a reciprocal relationship between unemployment and economic…

Q: Differentiate between limited-line and a specialty-line wholesaler.

A: A wholesaler is a person who sells the quantity in the bulk. It means the retailer buys the quantity…

Q: Current Account equilibrium is defined as CA = x₁YW + x₂Rm₁Y+ m₂R and Capital Account equilibrium as…

A: Balance of Payment function can be defined as - BOP = CA (Y, Yw , R ) + CP (i - iw ) [Implicit…

Q: 3) So far we have assumed that the fiscal policy variables G and T are independent of the levels of…

A: a) Y=C+I+GY=c0+c1(Y-T)+I+GPutting the value of TY=c0+c1(Y-t0-t1Y)+I+G

Q: Show that an agent with utility function u(x) = log x is more risk averse than an agent with utility…

A: *Answer:

Q: The following diagram shows supply and demand in the market for smartphones. Use the black point…

A: Total surplus is the aggregate of Consumer surplus and the producer surplus , Consumer surplus is…

Q: The "reformers" of Southeast Asia focused economic policy on tourism socialist principles and the…

A: Answer is given below

Q: Trans Coaches has since gained more customers since its competitor Ecobus had gone bankrupt.…

A: The number of people wanting and able to acquire things at various prices during a certain period of…

Q: Use the following graph for a monopoly to answer the questions that follow. What quantity will the…

A: Market refers to the place where buyers or sellers sell and buy goods and services in the market.…

Q: How does a currency swap work and give an example of when a Philippine citizen would decide to take…

A: a currency swap is an exchange wherein two gatherings trade an identical measure of currency with…

Question

All question explain A, B and 19, 20 21, full explain

Economics
From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew
by 4 percent. Given that the population grew by 1 percent and price level grew by 1.8
percent, calculate the growth rate of real GDP per capita.
%
Answer: The growth rate of real GDP per capita =
In 2020, real GDP per capita in country A is $9,000. By 2021, real GDP per capita
increases to $10,520. Suppose country A maintains the same economic growth rate.
How long will it take for real GDP per capita to double according to the rule of 70?
(Round your answer to nearest 1 decimal place.)
Answer: It will take
years for real GDP per capita to double.

Suppose that real GDP per capita of country A doubles in 20 years. The annual
population growth rate is 1%. Price level increases by 2% every year.
Use the given information to answer questions 19-23.
Question 19
Using the rule of 70, Calculate the annual economic growth rate of country A
Answer: The annual economic growth rate
Question 20
Find the annual inflation rate.
Answer: The annual inflation rate=
Question 21
Calculate the annual growth rate of nominal GDP of country A.
Answer: The annual growth rate of nominal GDP-

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
An economy starts off with a GDP per capital of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3 for 10 years? 3 for 30 years? 6 for 30 years?
For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. Why have some countries reduced the gap between their incomes andthat of the United States and other countries failed to do so?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2? Multiple Choice 20 percent 74 percent percent 4.4 percent O Ⓒ 100% 0 ENI %
a. What do you understand by Real GDP? What is the Real GDP Growth Rate of India andChina in 2019? What is the estimated real GDP growth rate of India and China in 2020?What is the projected real GDP growth rate of India and China in 2021 and 2022? b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels(January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina
Assume that in Mexico the average annual per capita GDP growth rate is 3 percent per year, while in Argentina it is 2.5 percent. Next, assume that both countries began with an initial per capita GDP of $1,000 in 1965. By 2015, per capita GDP would have been ________ in Mexico and ________ in Argentina. A. $228; $291 B. $3,437; $4,384 C. $4,515; $3,523 D. $4,384; $3,437 E. Not enough information is given.
. Suppose that society decided to reduce consumptionand increase investment.a. How would this change affect economic growth?b. What groups in society would benefit from thischange? What groups might be hurt?
Assume that an economy currently has a nominal GDP of $500 billion. If the economy were to grow at 3%, calculate what nominal GDP will be in five years, ten years, twenty years, and forty years if it is able to sustainthat same growth rate each year.