Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 2RQ
To determine
Explain how much richer is the typical 40- years old today.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Is Population Growth Bad for the Planet, but it's Great for the Economy?
What are the top 10 GDP/capita countries in the world? Please find the latest numbers. How does Canada and the USA rank in terms of GDP/capita?
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?
Chapter 3 Solutions
Macroeconomics (Fourth Edition)
Knowledge Booster
Similar questions
- Why do you think most western countries GDP has not grown as fast as China's GDP over the last 10 years? If you were in charge of trying to make a country like Spain's economy grow faster what would you do?arrow_forwardThe real GDP per person in a country A has grown about 4 percent per year. When this country' GDP will be double?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_forward
- Hi! Is there any city in the Philippines that can be qualified as a Global City? What and why?arrow_forwardIf US per capita GDP is $50,000 and grows at 3% per year, what will US per capita GDP be in 70 years?arrow_forwardA country starts with real GDP per capita of 500, and is growing at 4.3% per year. After 70 years, real GDP per capita will be approximately...?arrow_forward
- If a country has a per capita GDP of $5,200 and it grows at a 6% annual rate. How long will it take, in years, to double the standard of living in the country as measured by economists? (Round your answer to include 2 decimal places.)arrow_forwardIf Japan has 4.5% per capita growth in GDP, how many years will it take for the country to triple its per capita GDP? At what growth rate should the country targets if it aimed to double its per capita GDP in 8 years?arrow_forwardIs population’s growth a good thing or bad thing and why?arrow_forward
- GRAPH SETTINGS Reset Country-X Initial Value ($50 – $10,000) 1,000.00 Value (thousands of dollars) [Country-X = Country-Y] Growth Rate: 3% 10 0.1% 10.0% 8 Country-Y 7 Initial Value 2,000.00 ($50 – $10,000) 5 4 Growth Rate: 1% 0.1% 10.0% 2 1 35.4 уrs. E CALCULATIONS 0 5 10 15 20 25 30 35 40 Years Value in Country-X Country-Y 10 years $1,343.92 $2,209.24 20 years $1,806.11 $2,440.38 30 years $2,427.26 $2,695.70 Country-X Country-Y Instructions: Modify the settings in the interactive tool as needed to answer the questions below. Suppose countries X and Y each produce $2,000 of goods and services per year. Country X experiences 2% growth per year, while country Y experiences 4% growth per year. a) What is Country X's production after 20 years? $[ b) What is country Y's production after 20 years? c) If two amounts are initially equal but one grows twice as fast (ex: 2% growth versus 4% growth), the amount that grows faster will have increased by (Click to select) V twice as much.arrow_forward2. Choose 1 country from Latin America, or Africa, or Asia. Find its birth (fertility) rate, death (mortality) rate, and population growth rate in 2021 or 2022. (You can use any source of information but make sure you mention this source in your answer.) Based on the information you find; calculate how many years will it take for this country to double its population.arrow_forwardSuppose Egypt has a real GDP per capita of $28,000. If real GDP per capita grows at a 3.5% annual rate, how long will it take for real GDP per capita to reach $70,000 in Egypt?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning