Answered: Nigeria's average real GDP per capita…

Nigeria's average real GDP per capita growth from 1961 to 2019 is 2.4%. Using the Rule of 70, approximately how many years will it take for Norway's real GDP per capita to double? one decimal place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: If a country's initial real GDP is $48,861 and its yearly growth rate of GDP is 1.6%, use the Rule…

A: GDP is the gross domestic product. GDP is the market value of all final goods and services produced…

Q: If Japan has 4.5% per capita growth in GDP, how many years will it take for the country to triple…

A: Growth rate formula: If X is any economic variable and Xt is the initial value of x and Xt+n is…

Q: Suppose a country has a real GDP per capita of $69,000 and grows at a constant rate for the next 49…

A: GDP per capita is calculated by dividing the total gross value contributed by all producers who are…

Q: If the share of GDP used for capital goods is 0.08, the growth rate of productivity is 0.09, the…

Q: PROVIDE BRIEF NOTE ON POPULATION GROWTH?

A: Population growth refers to the changing patterns of birth rates and death rates of a country over a…

Q: The fictitious country "Alpha" has a real GDP per person of $10,000. Instructions: Enter your…

A: Real Gross Domestic Product (Real GDP) is a macroeconomic measure that represents the total value of…

Q: Modern economic growth theory asserts that "depending up on how much human capital they have, and…

A: The above statement is - TRUE

Q: Spain's current real GDP (YO) is €326 billion, and grows at a constant rate of 1.1%. Portugal's…

A: Given, Current real GDP of Spain= 326 billion GDP growth rate of Spain= 1.1%…

Q: Qatar GDP per capita was 93,792 in 2017 and $90,070 in 1970. What was its annualized growth rate…

A: Annualized growth rate is the compounding change over the period of time in the amount in percentage…

Q: Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before,…

A: Real GDP per person or per capita income = GDP of a country / Population of a country

Q: Suppose country A's GDP per capital is $50,000 with yearly economic growth of 2.5% and country B's…

A: We use the following formula : FV = PV(1+r)^n FV = future value of gdp per capital PV= present value…

Q: Determine the number of years it will take for the standard of living to double in each country.…

A: The Rule of 72 can be described as the simple mathematical formula that is used to calculate the…

Q: "Indonesia's economy grew at its fastest pace in six years in the fourth quarter of 2010, and…

A: With a population totaling around 240 million individuals, Indonesia is the fourth-largest country…

Q: Assume that a leader country has real GDP per capita of $80,000, whereas a follower country has real…

A: The growth rate of real GDP (Gross Domestic Product) is a measure that quantifies the percentage…

Q: Modern economics growth was made possible by

A: The definition's three components are all critical. Economic growth can be characterised as a…

Q: According to the rule of 72,if the economy of the United Apex Emirates will double in 52 years, at…

A: The rule of 72 is an approximation to figure out doubling time required by an economy with a certain…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: It is the total value of goods and services that are produced in a country during a given period of…

Q: Botswana’s population grew by 3.5 percent per year, 1970–80, and by 3.4 percent, 1980–93, while…

A: A standard of living is the level of wealth, comfort, material products, and necessities available…

Q: South Africa's economic growth rate in 2018 was percent. percent. The growth rate of real GDP per…

A: Economic growth rate: Economic growth rate is the percentage of the value of the real gross…

Q: What obstacles does Rwanda face in its efforts to achieve economic growth

A: Economic growth implies a rise in aggregate production in an economy, which is generally manifested…

Q: n the year 2015, the real GDP per capita of Italy is $215 billion. In the year 2016, the number is…

A: Real GDP is production of goods and services during an accounting year. it makes adjustments in…

Q: Why did Vietnam experience a low economic growth rate in the decade after the end of the Vietnam…

A: The U.S. economy suffered significantly from the War In Vietnam. President Lyndon Johnson started an…

Q: 2015 US Dollar GDP per capita (constant 2015 USD) 1960 1970 1980 2000 1990 Time(Year) Australia…

A: GDP per capita is a per capita income which is the ratio of country's gross domestic income and…

Q: If a country has a per capita GDP of $5,200 and it grows at a 6% annual rate. How long will it take,…

A: Per capita GDP measured the standard of living of a country. Per capita GDP is $5200 Annual growth…

Q: GDP per capita is one way to measure an economy's growth. China and India began to progress when…

A: Both china and India allowed private partnership at the same time

Q: Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year…

A: Rule of 70: - it gives the number of years in which an amount of money gets doubled at a particular…

Q: Real GDP per capita in the country of Arcadia grew from about $4,666 in 1900 to about $42,069 in…

A: The situation in which the overall flow of products and goods is calculated in the domestic market…

Q: The table below shows the level of real GDP and real GDP per capita growth rates for a select set of…

A: Rule 72 formula has been used to estimate the time (in years) required to double the amount given…

Q: In 1960, per-capita GDP in Japan was 1/3 of that in the UK. By 1990, Japan and the UK had equal GDP…

A: Following formulas are used, Total growth rate of per capita GDP = Average growth rate of per capita…

Q: If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it…

A: GDP refers to the value of all final goods and services produced in an economy over a given period…

Q: Consider a numerical example using the Solow Growth Model, for 2 countries. Country A: d=0.1,…

A: GDP per capita gauges the economic result of a country per person. It looks to decide the prosperity…

Q: China had about same per capita GDP as that of India in 1970s. In the intervening decades, per…

A: Government uses fiscal policy to increase economic activities by increasing aggregate demand. Now…

Q: The developed country has a savings rate of 30% and a population growth rate of 2% per year.…

A: Steady-state is an economic concept related to the growth theories. A steady-state is a type of…

Q: In the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 %…

A: Gross Domestic Products defined as the total of market values of al final goods and service. GDP…

Q: Comment on the following statement: The level and growth rate of real GDP per capita can be a…

A: Real GDP per Capita:Real Gross Domestic Product per capita is a measure of the economic output of a…

Q: What can you say about Turkey in the average GDP growth for the next 3 years (2021-2023)?

A: Because of the impact of covid-19 pandemic,Turkey is expected to see decline in GDP in the next 3…

Q: Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively…

A: a. Compound growth refers to the process where the value of an investment or economy increases at an…

Q: In 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in…

A: GDP is the indicator utilized across the globe to demonstrate the wellbeing of a country's economy:…

Q: Consider two distinct countries, denoted as A and B. Initially, Country A had a per capita GDP of…

A: To determine which country will have a higher per capita GDP when t=35 time periods (years), we can…

Q: mall differences in the rate of economic growth can lead to large differences in living standards.…

A: The growth rate of an economy is the rate of growth in real GDP of a nation. The growth rate…

Q: Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36…

A: GDP per capita is calculated by dividing the total gross value contributed by all producers who are…

Q: One of the biggest challenges for stimulating economic growth in high-income countries is Group of…

A: Economic growth, the tactic by that a nation's wealth can increase over time.. Economic growth is a…

Q: Consider a numerical example using the Solow Growth Model, for 2 countries. Country A: d=0.1, s=0.3,…

A: Introduction Its answer is country B Income of country A is YA = K0.3 L0.7 Income of country B is YB…

Q: Calculate the following using the Rule of 70: 3) How many years will Vietnam grow with a GDP of…

A: Rule of 70 implies that the time an economy takes to double it's GDP. Therefore, simply by computing…

Q: Suppose country X currently produces $1000 of goods and services per year with a constant growth…

A: National production encompasses the overall value of goods and services generated within a nation's…

Question

Nigeria's average real GDP per capita growth from 1961 to 2019 is 2.4%. Using the Rule of 70, approximately how many years will it take for Norway's real GDP per capita to double? one decimal place.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Discuss China's Economic growth of 5.2% last year and how their population decrease can negatively effect their economy.
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
If 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.
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.
In 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.
Using 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.
6) 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%?
Q)Consider three economies,each of which has GDP per capita of $100. Trend growth in these economies is 2%, 2.5% and 5% respectively. Calculate GDP per capita for each economy after 5, 10, 20, 50 and 100 years.
Discuss the features for assisting the growth process of nations towards becoming developed economies
Identify one nation that seems to be defying Malthus population growth theory in the 21st-century and provide a brief explanation why
Real GDP per capita in the country of Arcadia grew from about $4.545 in 1900 to about $40.064 in 2008, which represents an annual growth rate of 2.04 percent IH Arcadia continues to grow at this rate, calculate the number of years when its real GDP per capita will double years. (Enter your response as an integer)
Which of the following is NOT a reason why middle-income countries in the east have experienced rapid growth rates? Group of answer choices The countries developed abundant new technologies which drove growth These countries had a strong policy structure that supported human capital investments These countries encouraged participation in the world markets These countries accrued larger savings and invested it domestically