ESS OF ECON LL\AC 11E
11th Edition
ISBN: 9781264093083
Author: SCHILLER
Publisher: MCG
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Question
Chapter 2, Problem 3P
To determine
(a)
GDP per capita in the year 2025 if it grows by 0 percent.
To determine
(b)
GDP per capita in the year 2025 if it grows by 2 percent.
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GDP per capita in the United States was approximately $63,000 in 2020. Use the growth formula (see below) to answer the following questions:
Growth formula: (future value) = (present value) × (1 + r)t
present value = this year's GDP per capita
future value = GDP per capita in the future
r = rate of growth (in decimal form) per year
What will GDP per capita be in the year 2025 if it grows each year by 2.5 percent?
If the current real GDP growth rate and population growth rate are maintained, real GDP per person will double in approximately ____ years
answer with a whole number
Hypothetical data is given for the following countries. Calculate real growth per capita in the following countries:
Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative
sign (-) in front of the number.
a. Democratic Republic of Congo: population growth = 2.8 percent; real output growth=-1.6 percent.
Real growth per capita: %
b. Estonia: population growth-(0.6) percent; real output growth-4.5 percent.
Real growth per capita:[ %
c. India: population growth=1.7 percent; real output growth = 5.9 percent.
Real growth per capita: [ %
d. United States: population growth 0.7 percent; real output growth = 2.8 percent.
Real growth per capita: [
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