. Consider the following data for an economy. Year 1 2 Real GDP $56,000 $78,500 Population 200 263 a. Calculate the real GDP growth rate. b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double? Calculate the standard of living in each of the years. C. d. e. Using the values determined in part c, calculate the standard of living growth rate. Without using the rule of 70, how many years will it take for the standard of living to triple? 7. Consider the following data for an economy.Year12Real GDP$56,000$78,500Population200263a.Calculate the real GDP growth rate.b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double?Calculate the standard of living in each of the years.C.d. Using the values determined in part e, calculate the standard of living growth rate.e.Without using the rule of 70, how many years will it take for the standard of living to triple?

The GDP refers to the production of the goods and services during an accounting years.

Answered: onsider the following data for an…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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. Consider the following data for an economy. Year 1 2 Real GDP $56,000 $78,500 Population 200 263 a. Calculate the real GDP growth rate. b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double? Calculate the standard of living in each of the years. C. d. e. Using the values determined in part c, calculate the standard of living growth rate. Without using the rule of 70, how many years will it take for the standard of living to triple?

7. Consider the following data for an economy.
Year
1
2
Real GDP
$56,000
$78,500
Population
200
263
a.
Calculate the real GDP growth rate.
b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double?
Calculate the standard of living in each of the years.
C.
d. Using the values determined in part e, calculate the standard of living growth rate.
e.
Without using the rule of 70, how many years will it take for the standard of living to triple?

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