Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
expand_more
expand_more
format_list_bulleted
Question
Chapter 23, Problem 10APA
(a)
To determine
Estimate the value of growth rate of real GDP.
(b)
To determine
Estimate the value of growth rate of real GDP per person.
(c)
To determine
Estimate the number of years to double the growth rate of real GDP per person.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
āAustralia's real GDP was $A1,730 in 2017 and ā$A1,782 in 2018.
Ā
āAustralia's population was 24.6 million in 2017 and 25.0 million in 2018.
Ā
Calculate
a. The growth rate of real GDP.
b. The growth rate of real GDP per person.
c. The approximate number of years it will take for real GDP per person in Australia to double if the current real GDP growth rate and population growth rate are maintained.
Malaysiaās real GDP was $560 billion in 2010 and $570 billion in 2011. Malaysiaās population was 130.7 million in 2010 and 130.8 million in 2011.
Ā Ā Ā Ā i.Ā Ā Calculate economic growth rate of Malaysia.
Ā Ā Ā ii.Ā Ā Calculate growth rate of real GDP per person of Malaysia.
Ā Ā Ā iii.Ā How many years it takes for real GDP per person in Malaysia to double if the 2010 economic growth rate and population growth rate are maintained.
Brazilās real GDP was 1,520 trillion reais in 2011 and 1,585 trillion reais in 2012. Brazilās population was 195 million in 2011 and 196.5 million in 2012. CalculateĀ
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.
Chapter 23 Solutions
Macroeconomics
Ch. 23.1 - Prob. 1RQCh. 23.1 - Prob. 2RQCh. 23.1 - Prob. 3RQCh. 23.2 - Prob. 1RQCh. 23.2 - Prob. 2RQCh. 23.2 - Prob. 3RQCh. 23.3 - Prob. 1RQCh. 23.3 - Prob. 2RQCh. 23.3 - Prob. 3RQCh. 23.3 - Prob. 4RQ
Ch. 23.3 - Prob. 5RQCh. 23.3 - Prob. 6RQCh. 23.4 - Prob. 1RQCh. 23.4 - Prob. 2RQCh. 23.4 - Prob. 3RQCh. 23.5 - Prob. 1RQCh. 23.5 - Prob. 2RQCh. 23.5 - Prob. 3RQCh. 23 - Prob. 1SPACh. 23 - Prob. 2SPACh. 23 - Prob. 3SPACh. 23 - Prob. 4SPACh. 23 - Prob. 5SPACh. 23 - Prob. 6SPACh. 23 - Prob. 7SPACh. 23 - Prob. 8SPACh. 23 - Prob. 9APACh. 23 - Prob. 10APACh. 23 - Prob. 11APACh. 23 - Prob. 12APACh. 23 - Prob. 13APACh. 23 - Prob. 14APACh. 23 - Prob. 15APACh. 23 - Prob. 16APACh. 23 - Prob. 17APACh. 23 - Prob. 18APACh. 23 - Prob. 19APACh. 23 - Prob. 20APACh. 23 - Prob. 21APACh. 23 - Prob. 22APACh. 23 - Prob. 23APACh. 23 - Prob. 24APACh. 23 - Prob. 25APA
Knowledge Booster
Similar questions
- Why do you think it is difficult for high-income countries to achieve high growth rates?arrow_forwardMexicoā's real GDP was 13,773Ā billionĀ pesos in 2014 and 14,135Ā billionĀ pesos in 2015. Ā Mexicoā's populationĀ growthĀ rateĀ inĀ 2015Ā wasĀ 1.1Ā percent. Ā 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 in Mexico to double if the 2015 growth rate of real GDP and the population growth rate are maintained.arrow_forwardWith three economies, each of which has a 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.arrow_forward
- South Africa's real GDP was 3,023 billion rand in 2014 and 3,063 billion rand in 2015. South Africa's population growth rate in 2015 was 1.6 percent 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 in South Africa to double if the 2015 growth rate of real GDP and the population growth rate are maintained. COOK The growth rate of real GDP in South Africa in 2015 was >>> Answer to 1 decimal place. percentarrow_forwardThe table below describes the real GDP and population of a fictional country in 2017 and 2018. Population 2.0 million Year Real GDP 2017 $14 billion 2018 $15 billion 2.1 million Instructions: Round your answers to the nearest whole number. a. The real GDP per capita in 2017 is: The real GDP per capita in 2018 is: b. The growth rate of real GDP is: c. The growth rate in population is: d. The growth rate in real GDP per capita is:arrow_forward2001, a country had a real GDP of $30,000,000 and in 2002, real GDP was $40,000,000. What was the country's economic growth rate from 2001 to 2002?arrow_forward
- Mexico's real GDP was 14,461 billion pesos in 2016 and 14,702 billion pesos in 2017 Mexico's population was 121 milion in 2016 and 122 million in 2017 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 in Mexico to double if the 2017 growth rate of real GDP and the population growth rate are maintained The growth rate of real GDP in Mexico in 2017 was percent >> Answer to 1 decimal place The growth rate of real GDP per person in Mexico in 2017 was >>> Answer to 1 decimal place percent The approximate number of years it takes for real GDP per person in Mexico to double if the 2017 growth rate of real GDP and population growth rate are maintained is > Answer with a whole numberarrow_forwardMexico's real GDP was 14,461 billion pesos in 2016 and 14,702 billion pesos in 2017 Mexico's population was 121 milion in 2016 and 122 million in 2017 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 in Mexico to double if the 2017 growth rate of real GDP and the population growth rate are maintained The growth rate of real GDP in Mexico in 2017 was percent >> Answer to 1 decimal place The growth rate of real GDP per person in Mexico in 2017 was percent > Answer to 1 decimal place The approximate number of years it takes for real GDP per person in Mexico to double if the 2017 growth rate of real GDP and population growth rate are maintained is Answer with a whole nurmberarrow_forwardQ)1 a) Canadaā's real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018. Canadaā's population growth rate in 2018 was 0.8 percent. Calculate Canadaā's economic growth rate and growth rate of real GDP per person in 2018. b) Calculate the approximate number of years it will take for real GDP per person to double if an economy maintains an economic growth rate of 12 percent a year and a population growth rate of 7 percent a year.arrow_forward
- A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2?arrow_forwardCalculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth=2.6 percent; real output growth = -1.4 percent. Real growth per capita:% b. Estonia: population growth=-0.3 percent; real output growth 4.3 percent. Real growth per capita: % c. India: population growth = 2.1 percent; real output growth 6.2 percent. Real growth per capita: % d. United States: population growth = 0.4 percent; real output growth 2.6 percent. Real growth per capita: %arrow_forwardThere are two countries in the world: Happytimes and Treehausland. Both countries currently have a GDP per capita of 1. Use the information in the table about growth and productivity to answer the questions. Round all numerical answers to two decimalĀ places. Country Growth rate of GDP per capita Happytimes 0.086 Treehausland 0.031 What is GDP per capita in Happytimes inĀ 21Ā years21Ā yearsĀ ? Happytimes's GDP:ā$ Ā Ā What is GDP per capita in Treehausland inĀ 21Ā years21Ā yearsĀ ? Treehausland's GDP:ā$ Ā Ā InĀ 21Ā years21Ā yearsĀ , Happytimes grows how many times more thanĀ Treehausland? Happytimes's growth: Ā times Treehausland's growtharrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning