ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 28, Problem 4RQ
To determine
Given scenario and economic growth .
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QUESTION 11
Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its annual growth rate is
However, if its annual growth rate is 5%, its GDP will roughly double in
O 2 percent; 14 years
O 7.5 percent; 10 years
O 3.5 percent; 5 years
O 2.5 percent; 25 years
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%
Chapter 28 Solutions
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- A country has $60 million of saving and domestic investment of $40 million. Net exports are 1.O -$100 million. 2. O $100 million. 3. O -$20 million. 4. O $20 million. Purchasing-power parity implies that the nominal exchange rate given as foreign currency per unit of domestic currency must rise if the price levels in 1.O both countries fall. 2. O foreign countries rise. 3. O both countries rise. 4. O the domestic country rises. If purchasing power parity holds, the real interest rate is 1.O P/P* 2. O equal to 0 3. O equal to 1 4. O equal to nominal interest rate Consider a following closed economy. Y = 10,000 C = 6,000 T = 1,500 G = 1,700 The economists also estimate that the investment function is; | = 3,000 – 100r Obtain the value of Public saving: Private saving: Investment: real interest rate (r):arrow_forwardThe GDP at Q101 is 250600 and the GDP at Q102 is 260700. What is the total GDP growth between Q101 and Q102? Select one: O a. 4% O b.2.9% O C8.27% O d. None O e. 6.15%arrow_forwardLast 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? 14.1 percent O 0.09 percent O 1.09 percent 8.9 percentarrow_forward
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