Answered: In a country, if the growth rate of…

Business

Economics

In a country, if the growth rate of RGDP per person is 5%, how long it will take to double its RGDP per person?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 3P

See similar textbooks

Related questions

Q: What is the steady-state level of capital per worker? (Round your answer to three decimal places.)

A: Steady state of capital per worker is achieved where change in capital (∆k) is equal to zero. and ∆k…

Q: If real income per person was $47,210 in the U.S. in 2010, and $55,860 in 2014, what was the annual…

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: Place the countries into the category representing the Growth in real GDP per capita general area of…

A: Real GDP: The gross domestic product (GDP) measured by using the prices of the base year or the…

Q: Developing country needs FDI to promote its own economic growth. Do you agree or disagree? What…

A: A) Becsuse FDI and economic development are positively depending on each other. Accordingly, Yes…

Q: In 1950, the real per capita GDP (in USD) in Mauritius is 4,382, and in 2017 the figure is 20,631.…

A: "GDP (gross domestic product) measures the value of all finished goods and services produced within…

Q: Todaro and Smith (2020: 192) state “…different countries face different binding constraints on…

A: The Growth Diagnostics was formulated by Hausmann, Rodrik and Velasco. The approach provides a…

Q: What is the Growth of Real GDP per capita if population growth is 0.5%?

A: Real GDP Per Capita is the resulting value arrived at by dividing the entire economic output (GDP)…

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: if people in it in poverished nation are faced with life and death survival decisions what is the…

A: Economic growth: It refers to the development of the economy. The economic growth shows that the…

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: In 2010 USA had 100 people and RGDP was $100. In 2011, USA had 102 people and RGDP was $103. What is…

A: The number of people in the economy is given to be 100 in the year 2010 and the number increases to…

Q: If Real GDP is $22 million in 1995 and $132 million in 2005, what is the economic growth rate?…

A: We could solve this with the help of formula

Q: The fictitious country of World Campustan is expected to have an average annual growth rate of GDP…

A: (1) According to Rule 70: The number of years to double = (70 / Annual growth rate) Note: If the…

Q: Real GDP per capita is $4000 in Country A and growing at a constant rate of 7% per year. Real GDP in…

A: Given real GDP of country B = 4000 $ Growth rate = 5 % Future position = 8000 $

Q: According to the table, which country will have the higher rGDP per capita in 17.5 years?…

A: The growth rate of GDP per capita and GDP per capita is shown as follows:

Q: What is the growth rate of output per person in this economy?

A: To find the growth rate of output per person, we need to first find the growth rate of output and…

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: At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double.…

A: Part A: Let the original GDP be x and the double of this GDP is 2x. Let’s calculate - how many years…

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: 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 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: At a growth (interest) rate of 8% annually, how long will it take for a sum to double? To triple?…

A: The rule of 72 is used to calculate the number of years it takes for an investment to double.…

Q: Over the last 5 years, the population level of a certain area has gone from 200,000 to 250,000, and…

A: Gross domestic product is known as the growth of the country. The gross domestic product is the…

Q: A country starts with real GDP per capita of 500, and is growing at 4.3% per year. After 70 years,…

A: Given Real Gdp per capita = 500 Growth rate = 4.3% = 4.3/100 = 0.043 After 70 years the real GDP…

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: 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: The three pillars of productivity growth does not include an A. increase in the rate at which…

A: When the value of output rises with the available level of inputs is called productivity growth.…

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: Promotion of green alternatives * (A) increase inflation (B) decrease inflation (C) does not…

A: The promotion of green alternatives increases inflation as due to the introduction of new…

Q: what is the growth rate of GDP per capita formula

A: GDP stands for Gross domestic product which means total amount of goods and services produced within…

Q: I ncia.wwnorton.com b. Per capita real GDP doubled in South Korea again in only seven years,…

A: Real GDP in 1981 is $800 Real GDP in 1988 is $1600 Time period= 7 years

Q: True or False: The term developing country (DVC) is applied to rich nations like the United States…

A: Developing countries are the countries whose economy is under development there a certain parameter…

Q: If the annual GDP growth rate on average in a country is 5%, the current GDP is $10 trillion, how…

A: The number of years required to double the growth rate would be found by the rule of 70. By this…

Q: if real GDP grows at an annual rate of 3.4% and the population grows at an annual rate of 1.6% then…

A: Real GDP per capita = real GDP / Population So, Growth in Real GDP per capita = Growth in real GDP -…

Q: town has a population of 5000 persons but, is expected to grow by 2% every year. What would be the…

Q: At an annual growth rate of 2% it will take approximately years for a country's GDP to double. Over…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

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: The population was 9.98 million in 2006 the growth rate is around 2%. Estimate the population of a…

A: The data presented in the question above is:- Population in 2006 = 9.98 million Growth rate = 2%…

Q: The government recognized that continued population growth does not necessarily have negative effect…

A: In Malaysia, twelve five year plans are introduced till now and they all have their significance…

Q: C. What is the average growth rate per year of these two time periouds?

A: GDP deflator is the ratio of nominal GDP and Real GDP . GDP deflator = (Nominal GDP / Real GDP )*100…

Q: There are two common measures of growth. Year-on-year percentage growth and Compound Annual Growth…

A: The comparison of one period with the same period the prior year is known as year-over-year(YOY).…

Q: If an economy annual real GDP growth rate reduces from 8.2 percentage, its real GDP doubling time…

A: Here we calculate the real GDP doubling time by using the rule of 70 and choose the correct option…

Q: What is the growth rate in Country A in 2020? Select one: a. % 10 b. % 5 C. % 25

A: Growth rates refer to the percentage change of a specific variable within a specific time period.…

Question

In a country, if the growth rate of RGDP per person is 5%, how long it will take to double its RGDP per person?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the growth rate in an economy is 2%, its GDP will double in about: 48 years. 140 years. 70 years. 35 years.
In the midyear of 2020, a country’s population is 109,581,078 with a growth rate of approximately 1.35% per year. What will be the country’s population in 2050? 146,925,239 146,925,293 164,295,239 146,295,239
If the growth rate of real GDP rises from 3% to 4% per year, then the number of years required todouble real GDP will decrease from (please explain how to do this)
In 2020, the GDP was approximately $20 trillion. If GDP is expected to double in 20 years, what is the expected growth rate per year?
Only answer the 2nd MCQ question of the growth rate of output per capita
If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%
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?
if people in it in poverished nation are faced with life and death survival decisions what is the relevance of sustaining at least a 2% rate of economic growth
a given theorhetical country currently has a GDP of 50,000. The growth rate is projected to hit 7% annually through the next 15 years. What is the projected GDP in 15 yrs?
If the GDP (t) of Japan is $997.50B today and this country is expecting its GDP (t+1) to be $1,076.9 next year, what is the expected growth rate?
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
A country will roughly double its GDP in twenty years if its annual growth rate is: Group of answer choices 2.5 percent. 12 percent. 7.5 percent. 3.5 percent.