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 7E
To determine
Determine the actual annual growth rate.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
gdp for year 1 = 1045, population = 189, workers = 121
gdp for year 2 = 1235, population = 325, workers = 273
calculate the GDP per capita growth rate and the productivity growth rate.
Starting from year 2023 and assuming that both the annual growth rates of
RGDP and population will remain at the levels in the table below, choose the
correct statement:
Average RGDP growth
Average population
Country
2010-2019 (%)
growth 2010-2019 (%)
China
7.68
0.56
India
6.62
1.23
Vietnam
6.58
1.02
Singapore 4.99
1.34
Data Source: World Bank
O India will double its real GDP per person in 2036.
Vietnam will double its real GDP per person in 2036.
O Singapore will double its real GDP per person in 2043, while China 10
years earlier.
O All the above
Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36 years. How much larger (in percentage terms) is this country if its growth rate is 4.33% instead of 3.13% after 36 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
Chapter 3 Solutions
Macroeconomics (Fourth Edition)
Knowledge Booster
Similar questions
- In a given year the nominal GDP growth rate is 10%, with inflation and population growth rates of 5% and 2% respectively, then growth rate of real GDP per capita is (%):arrow_forwardIn 1960, per-capita GDP in Japan was 1/3 of that in the UK. By 1990, Japan and the UK had equal GDP per capita. From 1960 to 1990, the UK per-capita GDP grew at an average rate of 2.2% per year. Calculate the average annual growth rate of per- capita GDP in Japan over the same time period.arrow_forwardOf the following countries, which one had the highest average growth rate per year from 1993-2012? A) China B) the United States C) India D) Japanarrow_forward
- At an annual growth rate of 2% it will take approximately years for a country's GDP to double. Over the next 70 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 70 years the value of GDP will be $ million. In 70 years the value of GDP will be times larger than it is today.arrow_forwardSingapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The population was 5.6 million in 2016 and 5.6 million in 2017. Calculate Singapore's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Singapore to double if the 2017 economic growth and population growth rates are maintained. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardIn 1960 GDP per capita in the Republic of Korea (constant 2015 US$) was $1027. In 2021 it was $32731. Calculate the growth rate of real GDP per capita in the Republic of Korea over this period. Now suppose that the Republic of Korea grows at the same rate for the 70 years following 2021. What will the Republic of Korea real GDP per capitae in the year 2091? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
- Average Growth Rate (2000-2015) of Per Capita GDP Population GDP High-income countries United States 1.6 0.9 0.7 1.9 1. 0.9 Canadaarrow_forwardLast year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP was $502.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person?arrow_forwardThe following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars). 1. Identify the countries that experienced sustained growth between 1820and 2010.arrow_forward
- The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country remain the same. Compute the doubling time for France’s per capita real GDP. Compute the doubling time for Korea’s per capita real GDP. What will France’s per capita real GDP be in 2045? What will Korea’s per capita real GDP be in 2045?arrow_forwardA country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 3.39% per year then at approximately what rate does real GDP need to grow to achieve this goal? Enter a number rounded to two decimal places. Do not enter a percent sign. Previous Next ASUSarrow_forwardAll values are 2005 dollars. Part a) Calculate the growth of GDP/capita in each column. Part b) Calculate the average annual growth in GDP/capita for japan, uk, and USA from 1980 to 2010 using the growth formula in the image. In the growth function, t is the current time period, t-j is the original time period, and g is the annual growth rate. Part c) In parts a and b, are the calculated values for nominal gdp/capita or real gdp/capita. Explain why.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage LearningExploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc