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?

The economy's real GDP was $160 billion in 2019 and $280 billion in 2020. Its population was 15 million in 2019 and 20 million in 2020. What is the growth rate of real GDP per capital from 2019 to 2020?

Use the graph to answer the question that follows. What is the price elasticity of demand when price increases from $2 to $4? A-0.2 B-0.5 C-2 D-3 E-5

The Rule of 72 Small differences in annual growth rates cumulate into large differences in GDP. Shown here are the number of years it would take to double GDP at various growth rates. Doubling times can be approximated by the rule of 72. Seventy-two divided by the growth rate equals the number of years it takes to double. Growth Rate Doubling Time (percent) (years) 0.0 Never 0.5 144.0 1.0 72.0 48.0 36.0 28.8 20.6 20.6 18.0 16.0 14.4 13.1 12.0 11.1 10.3 9.6 9.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 China's output grew at an amazing rate of 8 percent per year from 2010 to 2014. a. At that rate how long would it take for China's GDP to double? b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? years years

question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?

Brazil’s real GDP was 1,520 trillion reais in 2011 and 1,585 trillion reais in 2012. Brazil’s population was 195 million in 2011 and 196.5 million in 2012. Calculate  a. The growth rate of real GDP b. The growth rate of real GDP per person c. The approximate number of years it takes for real GDP per person to double when the real GDP growth rate and the population growth rate are maintained.

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38. Suppose there are two countries that are identical in every way with the following exception. The saving rate in country A is greater than the saving rate in country B. Given this information, we know that in the long run: a. more information is needed to answer this question b. the growth rate of output per capita will be the same in the two countries c. the growth rate of output per capita will be greater in A than in B d. the growth rate of output per capita will be greater in B than in A QUESTION 39 39. In the long-run steady state, which of the following is affected by an economy's rate of saving? a. output per worker. b. capital per worker. c. the level of investment d. all of the above.

1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01

Consider a country with a nominal gross domestic product (GDP) of $1.0, trillion in 2013 and $1.1 trillion in 2018. In the same period the population decreased by 2% and price levels increased by 4%. What is the economic growth rate for this country? Ⓒ2% Ⓒ4% Ⓒ6% Ⓒ8% 10%  Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer.  Take care of plagiarism. Answer completely. You will get up vote for sure.