Economic growth and Production Function Practice 1) The following values relate to the countries below for the following 3 years in terms of Real GDP: Years Canada Tajikistan 7.765 billion Netherlands. 2018 1.722 trillion 913.6 billion 2019 907.1 billion 912.2 billion 1.742 trillion 8.301 billion 2020 1.643 trillion 8.194 billion a) Calculate the Real gdp growth rate for each country and between the following 2 periods (2018-2019 and 2019-2020) b) State how long it will take for each country in 2020 in order to double their levels of real gdp. c) Which country is more likely to achieve economic growth faster? why do you think this is?

ENGR.ECONOMIC ANALYSIS
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Economic growth and Production Function Practice
1) The following values relate to the countries below for the following 3 years in
terms of Real GDP:
Years
Canada
1.722 trillion
1.742 trillion
Tajikistan
7.765 billion
Netherlands.
913.6 billion
2018
2019
8.301 billion
907.1 billion
2020
1.643 trillion
8.194 billion
912.2 billion
a) Calculate the Real gdp growth rate for each country and between the following 2
periods (2018-2019 and 2019-2020)
b) State how long it will take for each country in 2020 in order to double their levels
of real gdp.
c) Which country is more likely to achieve economic growth faster? why do you
think this is?
Transcribed Image Text:Economic growth and Production Function Practice 1) The following values relate to the countries below for the following 3 years in terms of Real GDP: Years Canada 1.722 trillion 1.742 trillion Tajikistan 7.765 billion Netherlands. 913.6 billion 2018 2019 8.301 billion 907.1 billion 2020 1.643 trillion 8.194 billion 912.2 billion a) Calculate the Real gdp growth rate for each country and between the following 2 periods (2018-2019 and 2019-2020) b) State how long it will take for each country in 2020 in order to double their levels of real gdp. c) Which country is more likely to achieve economic growth faster? why do you think this is?
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