if real GDP grows at an annual rate of 3.4% and the population grows at an annual rate of 1.6% then at approximately what rate is the real GDP per capital growing?
Q: Does a higher rate of saving lead to higher growthtemporarily or indefinitely?
A: Let c be the initial steady state when the savings rate in the economy was S. An economy will grow…
Q: If real GDP in Country A amounted to $1.62 trillion in 2019 and $1.71 trillion in 2018, the real GDP…
A: Real GDP growth rate = [[Real GDP in 2019 - Real GDP in 2018] / Real GDP in 2018] * 100
Q: Which of the following is true about the steady-state level of capital per worker? Group of answer…
A: s = Savings Rate y = Income per capita n = Growth rate of Labor d = Rate of capital depreciation k =…
Q: Suppose that the per hour worked form of the production function for an economy is given by y= 10k3.…
A: The Solow model is an exogeneous growth model which states that the economy can attain short run…
Q: The GDP per capita of Greece was $22,494 in 2012 and $21,966 in 2013. Based on these figures, the…
A: Given, The GDP per capita in 2012 = $22,494 The GDP per capita in 2013 = $21,966 Mathematically, the…
Q: 21) If real GDP grows from $10 trillion in 2002 to $10.5 trillion in 2003, the growth rate for real…
A: here we calculate the growth of real GDP which are as follow-
Q: Say that you have values for real GDP that are 10 years apart (for example for 2009 and 2019). If…
A: Percentage change formula of growth rate is ((Present GDP - Initial GDP) ÷ Initial GDP) * 100…
Q: An increase in research productivity: Suppose the economy is on a balanced growth path in the Romer…
A: a) As we know that, growth rate of y = growth rate of knowledge. These both are equal to,
Q: The growth rate of nominal GDP in 2019 is percent.
A: Nominal GDP is the value of all goods and services in an economy at the current price.
Q: Suppose a company discovers a breakthrough lubricant that reduces the amount of wear on mechanical…
A: The Solow Model of economic growth or the neo classical model of growth This model is also known as…
Q: The number of years required for real GDP to double can be found by: O multiplying the annual growth…
A: Rule of 70: There are different rules that calculate or estimate the time period required to double…
Q: GDP of the US was approximately $20.5 trillion in 2018 and $21.5 trillion in 2019. What was the…
A: GDP refers to gross domestic product. "It is the total value of all finished goods and services…
Q: What is gross capital formation reflecting in terms of GDP of a country? What it indicates when the…
A: Gross domestic product is the total market value of of goods that is produced domestically during…
Q: Q. 4 can someone help me to describe this line chart with include discussion on the relationship…
A: The relationship between the FDI and the growth would result in one of the major component of the…
Q: An increase in research productivity: Suppose the economy is on a balanced growth path in the Romer…
A:
Q: Country Alpha and Country Beta initially have the same realGDP per capita. Country Alpha experiences…
A: Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5…
Q: Country A and Country B initially have the same real GDP per capita. Country A experiences no…
A: GDP refers to the value of final goods and services produced in an economy. Real GDP is the value of…
Q: If real GDP per capita for Nelsonville grew from $8 trillion to $16 trillion between 2000 and 2020,…
A: Here, it is given that the real GDP per capita in Nelsonville in 2000 was $8 trillion and it was $16…
Q: Achieving economic growth over a long period of time and raising standard of living, can be done…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: I am looking for the formula to solve this problem: Suppose a country's real GDP per capita was…
A: The Gross Domestic Product is the summation of the money value of all the final goods and services…
Q: Suppose Y C+ I + G. Suppose C accounts for 70% of Y, I accounts for 10 % of Y and G accounts for 20%…
A: here we calculate the given by following method given below as;
Q: If an economy moves from a steady state with a low saving rate to a higher savin rate, then in the…
A: Steady-state output per worker growth is equal to the growth rate of technology (i.e., g) So, an…
Q: If the growth rate in an economy is 2%, its GDP will double in about: 48 years.…
A: Rule of 70 is used to determine the expected time in which the value of investment done in time 0…
Q: Are rapid economic growth (as measured by either GNI or per capita GNI) and a more equal…
A: Rapid economic growth refers to the faster or higher production of goods and services in an economy.…
Q: If real GDP in the year 2000 was 100 and the growth rate is 5 per cent per annum what will be the…
A: The formula: Real GDP after n th year=real GDP now *(1+g)n n=years=2100-2000=100 years g=growth rate…
Q: Assume GDP per capita in constant dollars was $30,250 for 2003 and $40,000 for 2004. In this case,…
A: GDP is the measure of value of all the final goods and services produced in an economy in a given…
Q: Suppose the production function is given by Y= VK\N, where Y is the amount of output, K is the…
A: Production function, Y = K NY = OutputK = CapitalN = WorkersSavings rate = sDepreciation rate = δ
Q: In a country, if the growth rate of RGDP per person is 5%, how long it will take to double its RGDP…
A: The value of economic output can be measures by RGDP and which is adjusted for inflation or…
Q: Calculate the average annual growth rate using the information in the table below. Round to two…
A: The average annual growth rate shows the average rise or fall in any concerned value over the given…
Q: An economy starts off with a GDP per capita of 12,000 euros. How large will the GDP per capita be if…
A: Per Capita when the economy grows at an annual rate of 3% for 10 years…
Q: Many countries, including Pakistan, import substantial amounts of goods and services from other…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: In 1960, per-capita GDP in Japan was 1/3 of that in the UK. By 1990, Japan and the UK had equal GDP…
A: Following formulas are used, Total growth rate of per capita GDP = Average growth rate of per capita…
Q: In a given year the nominal GDP growth rate is 10%, with inflation and population growth rates of 5%…
A: Given, Nominal GDP growth = 10% Inflation growth rate = 5% Population growth rate = 2%
Q: 8. Q8. In the basic Solow model (with no growth in population or technology), an increase in the…
A: Solow model is a model of economic growth which explains the effect of capital accumulation,…
Q: Only answer the 2nd MCQ question of the growth rate of output per capita
A: The production function explains the relationship between input and output.
Q: Suppose Egypt has a real GDP per capita of $28,000. If real GDP per capita grows at a 3.5% annual…
A: To calculate number of years it will take real GDP per capita to increase to $7000, we use compound…
Q: Suppose that an economy is characterized by the following production function: Y= 3K/N Suppose that…
A: Given: Production function = 3K0.5N0.5 Rate of depreciation = 0.02 Savings rate = 0.1 To get output…
Q: In 2020, the GDP was approximately $20 trillion. If GDP is expected to double in 20 years, what is…
A: Given GDP in year 2020 = $20 trillion It is expected to double in the next 20 years It means that…
Q: When the saving rate is relatively high, this implies that the steady state level of capital per…
A: Steady-state is a situation in Solow model growth of output is constant. to keep the growth of…
Q: If GDP is growing at an annual rate of 6%, in how many years will GDP double?
A: "GDP is the gross domestic product which measures the market value of goods and services produced by…
Q: Suppose the people in a certain economy decide to stop saving and instead use all their income for…
A: Savings are defined as the money that a person has left over after they spend part of the income on…
Q: Suppose that an economy is characterized by the following production function: Y=3 K/N Suppose that…
A: Hi! thank you for the question but as per the guidelines, we answer only one question at a time…
Q: In the steady state, _____ consumption per worker is maximized. investment per worker exceeds…
A: The concept of steady state is given by the Solow-Swan in their model of economic growth. This model…
Q: If real GDP in year 1 is $487 billion and it is $498 billion in year 2, what is the economic growth…
A: The term real GDP is defined as the inflation-adjusted value of all final products or goods and…
Q: .At an annual growth rate of 7 percent, real GDP will double in about. a. 11.5 years. b. 10 years.…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: In a steady-state economy (i.e., the economy is at steady-state equilibrium) with 1% population…
A: The Solow growth model is generally used to show how growth in the labor force, increase in capital…
Q: A mathematical approximation called t he rule of 70 tells us that the number of years that it will…
A: The rule of 70 conveys the information about the time taken by a variable to become twice of its…
if real
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If real GDP grows at an average rate of 3% per year, it will double in approximately____years. A. less than 10 B. 20 C. 23 D. 36If real income per person was $47,210 in the U.S. in 2010, and $55,860 in 2014, what was the annual growth rate over this time period?Assume GDP per capita in constant dollars was $30,250 for 2003 and $40,000 for 2004. In this case, the economy's growth rate would be ___%
- If the real output of a DVC increases from $100 billion to $140 billion and its population increases from 200 to 220 million, its real per capita output will have increased by about $136. increased by about $40. decreased by about $20. remained unchanged.If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%If the real GDP growth rate in the UK is 2.0% on average, then the level of real GDP will be doubled in ____ years. 70 7 23 35
- Say an economy begins with an initial level of capital per worker, k0, that is above its steady state level of capital per worker, k*. All else equal, what will happen to output per worker and capital per worker?The Accelerated and Shared Growth Initiative for South Africa (AsgiSA) was launched by Deputy President Phumzile Mlambo-Ngcuka in February 2006. After research and discussion with stakeholders, government identified six “binding constraints on growth” that needed to be addressed so as to progress in its desire for shared growth and to achieve its target of halving unemployment and poverty between 2004 and 2014. This could be achieved if the economy grew at an average rate of at least 4.5% in the period to 2009, and by an average of 6% in the period 2010 to 2014.These binding constraints were: deficiencies in government’s capacity the volatility of the currency low levels of investment infrastructure and infrastructure services shortages of suitably skilled graduates, technicians and artisans insufficiently competitive industrial and services sectors and weak sector strategies inequality and marginalisation, resulting in many economically marginalised people being unable to…The Accelerated and Shared Growth Initiative for South Africa (AsgiSA) was launched by Deputy President Phumzile Mlambo-Ngcuka in February 2006. After research and discussion with stakeholders, government identified six “binding constraints on growth” that needed to be addressed so as to progress in its desire for shared growth and to achieve its target of halving unemployment and poverty between 2004 and 2014. This could be achieved if the economy grew at an average rate of at least 4.5% in the period to 2009, and by an average of 6% in the period 2010 to 2014.These binding constraints were: deficiencies in government’s capacity the volatility of the currency low levels of investment infrastructure and infrastructure services shortages of suitably skilled graduates, technicians and artisans insufficiently competitive industrial and services sectors and weak sector strategies inequality and marginalisation, resulting in many economically marginalised people being unable to…
- The Accelerated and Shared Growth Initiative for South Africa (AsgiSA) was launched by Deputy President Phumzile Mlambo-Ngcuka in February 2006. After research and discussion with stakeholders, government identified six “binding constraints on growth” that needed to be addressed so as to progress in its desire for shared growth and to achieve its target of halving unemployment and poverty between 2004 and 2014. This could be achieved if the economy grew at an average rate of at least 4.5% in the period to 2009, and by an average of 6% in the period 2010 to 2014.These binding constraints were: deficiencies in government’s capacity the volatility of the currency low levels of investment infrastructure and infrastructure services shortages of suitably skilled graduates, technicians and artisans insufficiently competitive industrial and services sectors and weak sector strategies inequality and marginalisation, resulting in many economically marginalised people being unable to…Suppose a company discovers a breakthrough lubricant that reduces the amount of wear on mechanical systems. How will this affect the nation's steady-state level of capital per worker and income per worker? Use either a graph or equation to support your answer.Country Alpha and Country Beta initially have the same realGDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta. a)triple b)double c)one-half d)one-fourth
