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- An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?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)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?
- My courses / ECON202-20202 / My Assessments / MIDTERM EXAM If the US has an average growth rate is 2.1% and South Korea has an average growth rate of 5.%, then South Korea is experiencing of O a. a slower economic growth than the US. b. no economic growth. estion O c. the same economic qrowth as the US. O d. a faster economic growth than the US. Next page A Chapter 6 In Class Practice Jump to... eu are logged in as ABDULRAHMAN ALSAEEM (Log out) Copyright © 2020 All Rights Reserved. MacBook Pro @ 2# % & 2 3 4 5 7 8 A E R T Y ض ق そ A S » G H. J K V B i く 6. つ つ > *3Don't give AI solution A country had real GDP per peria of 5800 in 2005 and has had average real GDP growth of 8.4 %per wear, over the next 15 years, What is real GDP - at the end of that period?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?
- 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?a.Explain in detail, what we could do to avoid each of those 5 factors causing our GDP growth rates to fall. b. Please explain 5 factors that might contribute to rising U.S. GDP growth rates. c. Explain in detail, what we could do to cause each of the 5 factors to happen and cause our GDP growth rate to increase.Figure: Economic Growth in Major World Regions GDP per capita, real U.S. dollars (1990) $30,000 20,000 10,000 0 United States Western Europe Latin America Former USSR China India Africa 1 1000 1500 1870 1900 1950 2000 Years (AD) 48. Refer to the figure above, which shows real GDP per capita over time in different regions of the world. The chart shows that all regions of the world: A. were poor at one time. B. have been relatively rich throughout most of human history. C. have experienced moderate growth throughout most of human history. D. remain poor today.
- 1. Growth experiences Small differences in the rate of economic growth can lead to large differences in living standards. Consider two countries: Upper Richistan and Lower Richistan. Currently, real GDP per person (average income) is $55,000 in Upper Richistan and $13,750 in Lower Richistan. Suppose you want to project what the real GDP per person will be in each country 100 years from now. The following formula shows how to compute the average income in ʼn years, where g represents the growth rate of real GDP per person (in decimal form-that is, 1.2% is entered as 0.012): Average Income in n Years = Current Average Income × (1 + g)' n Use the growth formula to find the correct amounts to select to fill in the following table. Growth Rate Average Income after 100 Years (Percent) (Dollars) 1.2 1.6 4 4.3 Suppose Upper Richistan's growth rate is expected to grow at 1.2% and remain there for the next 100 years. Which of the following growth rates in Lower Richistan would cause the average…Saved The accompanying table shows real GDP from 2010 to 2015 for China, measured in billions of 2009 dollars: Bil1ions of 2009 Year Dollars Growth Rate 2010 5,609 2011 6,140 2012 6,613 2013 7,122 2014 7, 642 2015 8, 169 J Instructions: Enter your response rounded to one decimal place. a) Complete the growth rate column above. % b) By what percentage did the Chinese economy grow between 2010 and 2015? c) Chinese economic growth was the highest in (Click to select)Saved Help Save & Exit Subm A nation's real GDP was $500 billion in Year 1 and $520 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? Conomic Growth Quiz i Multiple Choice Mc Graw 3.8 percent 2.0 percent 4.0 percent 8.0 percent # 1 2 3 0 a MacBook Pro 54 $ % & 5 6 7 W E R T Y U * 0 田 61 9 Ο - A S D F G H J K L N X C T H command < B N M < V- H ዓደ יד P { سانی .... . V =- ? command option } 1
