Last year real GDP in the imaginary nation of Olympus was 445.0 billion and the population was 2.2 million. The year before, real GDP was 390.0 billion and the population was 2.1 million. What was the growth rate of real GDP per person during the year? O 14.1 percent O 0.09 percent O 1.09 percent O 8.9 percent
Q: All of the following are considered factors contributing to economic growth except O Growth in the…
A: (Q1) Economic growth is mainly considered as an increase in the production of goods and services…
Q: In 2008, real GDP in the United States was $13,312 billion. In 2009, real GDP in the United States…
A: Real GDP in 2008=$13,312Billion Real GDP in 2009=$13,112Billion Growth Rate=(Final Value-Initial…
Q: In the Solow model with technological progress, suppose that the rate year, the population growth…
A: The annual growth rate is the annual percentage increase in population growth. A 2 percent annual…
Q: If economists predict that the country of Verdoon will double its real GDP in 5 years, then…
A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…
Q: 4. What are the four supply factors of economic growth? What is the demand factor? What is the…
A: Supply of a commodity is the relationship between the price of the commodity and the willingness of…
Q: Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19…
A: Given; GDP in 2009= 14.89 GDP in 2010= 15.00 Formula to calculate GDP growth:- GDP Growth=Change in…
Q: Real GDP Year (billions of 2000 dollars) 2009 16,200 2010 17,500 Refer to the above table. Using the…
A: Real GDP measures the market value of goods and services using constant sets of prices.
Q: In Figure #1, which of the following points represent attainable production points? none of the…
A: Production possibility curve (PPC) is a representation of two goods which depicts the different…
Q: - Suppose that work hours in New Zombie are 200 in year 1, and productivity is $8 per hour worked.…
A: Real economic growth is the rate at which a nation's Gross Domestic Product (GDP) grows from one…
Q: Assume that a country's production function is Y = KO4 LO.6 and there is no population growth or…
A: The Solow–Swan model of economic growth is an exogenous model that asserts economic growth to be a…
Q: 3.7 points Save An Assume that real GDP per capita in Country X is currently $50,000 per person.…
A: Real GDP: It refers to the actual amount of GDP of the economy. It shows the rate under which the…
Q: Which of the following is likely to increase long-run economic growth? O A. Inflation. O B. An…
A: 1) Inflation is a persistent rise in the value of goods and services, which erodes purchasing power.…
Q: Find the growth rate of an economy if it's gross domestic product rose from $500,000 to $880,000…
A: The economies around the globe are involved in various types of economic, as well as financial…
Q: If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the…
A: GDP is the value of all final goods and services produced in an economy over a given period of time.…
Q: Suppose that the production function is Y= 10K LS, the population growth rate is 15 percent and the…
A: We have given Production function: Y=10K0.5L0.5 .... (1) Population growth rate (n)=0.15…
Q: Why does higher worker productivity not necessarily mean GDP per capita will rise? O GDP per Capita…
A: Increased productivity and GDP growth rate are closely linked together but are these are not…
Q: A small county wants to increase its real GDP from $18,000 to $36,000. If they want this to happen…
A: Using Rule 70, the Growth rate can be calculated as follows: Number of Years = 70Growth rate
Q: why is it necessary to adjust changes in nominal gross domestic product for changes in prices and…
A: Nominal GDP is the product of Current price and current output . It measure the real flow in the…
Q: Question 6 The president of the World Bank has asked you to calculate the average per capita GDP…
A: Growth rates refer to the percentage change of a specific variable within a specific time period.…
Q: 260 The logistic growth model P) represents the population of a species 1+ 64e-0.15 introduced into…
A: 260/1+64e/0.158t= (70) 260/1+64e/-0.158t=70 260/70=1+64e0.158t 19/7=64e-0.158t 19/7×64=e-0.158t…
Q: Richland's real GDP per person is $30,000, and Poorland's real GDP per person is $15,000. However,…
A: GDP refers that production of goods and services at a point of time within a boundary of a country ,…
Q: If real GDP per capita in the United States is $5,000, what will real GDP per capita in the United…
A: Here we calculate the value of Real GDP per capita in united state , and choose the correct option…
Q: Chapter 8: Economic Growth I: Capital Accumulation and Population Growth Question: The .. . level of…
A: The solow model is one of the most important neoclassical growth models which would result in the…
Q: QUESTION 13 A nation's real GDP was $250 billion last year and $265 billion this year. Its…
A: GDP: The GDP or the gross domestic product is the measurement of the final value of goods and…
Q: QUESTION 11 Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its…
A: According to rule 70,Doubling time=70iwhere,i=annual growth rate
Q: (Words apart) Per capita income most recently was about 160 times greater in the US that in…
A: Required number of years to surpass the GDP of the other country: From the given information: Per…
Q: Suppose that real GDP per person in Panama in 2017 was about $15,000 per person, while it was about…
A: Panama's real GDP per person in 2017 = $15,000 US real GDP per person in 2017 = $60,000 Real GDP per…
Q: QUESTION Suppose that x is growing at 5 percent a year, y is growing at 10 percent a year, and z is…
A: Growth rate of a variable (Gv) conveys the rate at which a variable such as GDP and unemployment is…
Q: The GDP at Q101 is 250600 and the GDP at Q102 is 260700. What is the total GDP growth between Q101…
A: Growth of GDP shows the amount by which the output or the value of goods and services has increased…
Q: If GDP is currently $13 trillion and is growing at a rate of 4.1% per year, how long will it take…
A: By the Rule of 70 or 72 we estimate how much time to take economy double is time taken = 70/…
Q: At an annual growth rate of 14 percent, real GDP will double in about O 11% years O 10 years O 13%…
A: Rule of 70: This rule can be used to estimate the number of years or time it will take to double the…
Q: Consider an economy with an initial real GDP equal to €5000 and an initial population equal to 40.…
A: Gross domestic product (GDP) is the total market value of commodities manufactured in an economy.
Q: The graphs show the productivity curve for an economy. In the left graph show the effect of an…
A: The ratio that depicts change in the the volume of input and volume of output is known as…
Q: A small county wants to increase its real GDP from $18,000 to $36,000. If they want this to happen…
A: here we calculate the of growth have each year by using the rule of 70 and choose the correct…
Q: ssume a Cobb-Douglas production function, where © =0.5 and A = 1. If AN/N = 0.06, d = 0.04, and s =…
A: Production function provides the relationship between the input and the output. Cobb-Douglas…
Q: 6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Suppose population growth is given by L, = La+F)', where Lo is the population today, L, is the…
A: The calculation of a future population involves the determination of growth in the current…
Q: Why is a Cobb-Douglas production function useful for analyzing economic growth? OA. The Cobb-Douglas…
A: In economics, different types of production functions are used by the researchers or economists to…
Q: If GDP grows at a rate of 2.8% per year, approximately how long will it take for GDP to double in…
A:
Q: Question 14 Suppose for the country of Joshua land, the annual inflation rate is 7%, the population…
A:
Q: Q2. d) Suppose the economy is initially in a steady state. What happens to the level of output per…
A: An economy with a higher rate of population growth will have lower steady-state levels of output per…
Q: Consider two Solow economies (A and B), exactly identical except that economy A has a higher share…
A: This is a model of exogenous economic growth. It studies how changes in population growth, savings…
Q: Real GDP in Sub-Saharan Africa has recently risen at a rate of about 5% per year. If its growth…
A: Real GDP measures the market value of goods and services produced within an economy in given period…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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)Suppose China’s GDP is growing by 7% a year and its population grows by 1% a year. Also suppose that US GDP grows by 3% a year and its population grows by 1% a year, and that in 2019 US GDP is 1.5 times China’s while US population is one quarter of China’s. If these growth rates continue By what year will China’s GDP double? Its population? Its per capita GDP?In what year will China’s GDP equal US GDP?In what year will China’s GDP per capita equal US GDP per capita?Question Approximately how long will it take Ethiopia to double its real GDF per person of S100 if its growth rate of real GDP per person is 0.9 63 years 77.7 years 70 years 109 years 100 years If Country A's real GDP grows at a rate of 14 percent per year, how many years will it take for Country A's real GDP to double? 10 7 5 30 14 Labor productivity is defined as total real GDP. real GDP per person. total output multiplied by total hours of labor. real GDP per hour of labor. hours of work per person. An increase in labor productivity increases the standard of living. decreases the standard of living. might be the result of an increase in the quantity of labor. generally occurs when physical capital decreases because firms must then hire more workers. cannot occur without a corresponding increase in employment. Last year, in a nation far to the South, real GDP was $90 million 900.000 workers were employed. This year real GDP is $100 million. 950.000 workers are…
- 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?Suppose that the GDP of California increases by 8.0% each year. How long will it take for the GDP of California to double? Round your answer to one digit after the decimal. duration for California's GDP to double: Suppose that the GDP of Oregon today is exactly twice what it was 17 years ago. What was the average annual growth for Oregon over this time period? Round your answer to one digit after the decimal. average annual growth for Oregon: years % each yearQuestion 1 If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to double? 13.8 O 14.2 O 15.2 O 18.2
- 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?Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year? O 12% O 10% O 4% 2%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.
- Assume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The annual growth rate in West Swimsuit is 2.33%, while in South Darlinia it is 7%. How many years will it take for South Darlinia to catch up to the real per capita GDP of West Swimsuit? What will the income of the two countries be when it is equal? type answer only. Do it correctly. Multiple votes will given accordingly.Small differences in growth rates in the size of the economy, over several decades, will result in big differences in the size of the economy. Pretend we start in 1950 and the U.S. growth in real GDP has been around 3.15%. This has resulted in real GDP growing 8 times over this 70-year period (1950 to 2020). If real GDP growth had been 4.0%, real GDP would be times larger. a. 8 (about the same growth as with 3.15% growth) b. 10 С. 14 d. 16The 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?
