MACROECONOMICS W/CONNECT
18th Edition
ISBN: 9781307253092
Author: McConnell
Publisher: Mcgraw-Hill/Create
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Question
Chapter 22, Problem 1RQ
To determine
True or false.
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- Suppose that work hours in New Zombie
are 200 in year 1, and productivity is $8
per hour worked. What is New Zombie's
real GDP? If work hours increase to 210
in year 2 and productivity rises to $10
per hour, what is New Zombie's rate of
economic growth? LO8.4
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2
million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was
the growth rate of real GDP per person during the year?
O 12%
O 10%
O 4%
2%
QUESTION 11
Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its annual growth rate is
However, if its annual growth rate is 5%, its GDP will roughly double in
O 2 percent; 14 years
O 7.5 percent; 10 years
O 3.5 percent; 5 years
O 2.5 percent; 25 years
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