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 9 0.1% 10.0% 8 Country-Y 7 Initial Value 2,000.00 ($50 – $10,000) 5 Growth Rate: 1% 4 3 0.1% 10.0% 1 35.4 yrs. E CALCULATIONS 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 Country-X Country-Y 30 years $2,427.26 $2,695.70 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.
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 9 0.1% 10.0% 8 Country-Y 7 Initial Value 2,000.00 ($50 – $10,000) 5 Growth Rate: 1% 4 3 0.1% 10.0% 1 35.4 yrs. E CALCULATIONS 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 Country-X Country-Y 30 years $2,427.26 $2,695.70 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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a5ac3c6-e4ab-423a-91e1-ff33bdae0d07%2F884c6a34-f8d9-45e4-aca7-f235e6fdade6%2F36v7f6_processed.png&w=3840&q=75)
Transcribed Image Text: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.
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