ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Calculate the following using the Rule of 70: 3) How many years will Vietnam grow with a GDP of $260 billion dollars at a growth rate of 7%? 4) How many years will India grow with a GDP of $3 trillion dollars at a growth rate of 3%? 5) How many years will the U.S. grow with a GDP of $19 trillion dollars at a growth rate of 1.9%?arrow_forwardSuppose country X currently produces $1000 of goods and services per year with a constant growth rate of 2.0% per year. Country Y's production is currently $800 with growth of 3.0% per year. Using the rule of 72, how long does it take for country X's production to double? Using the rule of 72, how long does it take for country Y's production to double? years After how long will the two countries have the same level of production? Estimate the level of production when the two countries produce the same amount. $ 36 years 24 yearsarrow_forwardDiscuss China's Economic growth of 5.2% last year and how their population decrease can negatively effect their economy.arrow_forward
- 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 yearsarrow_forwardIf GDP is currently $300 and the growth rate is 5 percent, how many years will it take for GDP to reach 382.88? Round to the nearest whole number.arrow_forwardIn 2017, Country A had a GDP per capita of $8,500 and a population of 68.6 million people. In 2018, total GDP increased by 6.8%, and population growth was 0.9%. What was the GDP per capita in 2018? If necessary, round any intermediate calculations and your final answer to two decimal places.arrow_forward
- If a country’s GDP grows by 10% per year, why isn’t the number of years it takes to double the GDP simply 100%/10% = 10 years?arrow_forwardUsing the rule of 70 and assuming real GDP per capita increases at 4% per year, how many years will it take Boblandia's real GDP to increase from 10 to 80? Answer in number of years, rounded to two decimal places. If you calculate 6.125 years, enter 6.13.arrow_forward6) How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%? 7) How many years will Ukraine grow with a GDP of $153 billion dollars at a growth rate of 2%? 8) How many years will the Ghana grow with a GDP of $67 billion dollars at a growth rate of 6%?arrow_forward
- Identify one nation that seems to be defying Malthus population growth theory in the 21st-century and provide a brief explanation whyarrow_forwardIf a country's initial real GDP is $54,504 and its yearly growth rate of GDP is 3.9%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. Round your answer to two digits after the decimal.arrow_forward
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