EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 26, Problem 1RQ
To determine
Required number of years to make the GDP double.
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Students have asked these similar questions
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
Question 1
If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to double?
13.8
O 14.2
O 15.2
O 18.2
A small county wants to increase its real GDP from $18,000 to $36,000. If they want
this to happen in 5 years, what rate of growth do they need to have each year?
O 14%
O There is not enough information to answer this question.
7.78%
O 5.5%
O 17.5%
Chapter 26 Solutions
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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? LO8.4arrow_forwardAnnual growth in RGDP per capita in China has slowed in recent years due to the pandemic lockdown and now the real estate crisis. Assume GDP per capita was 12.5 trillion (S) in 2015 and is 16.5 trillionin 2023. What is the annual rate of growth in RGDP per capita between 2015 and 2023? A 8.5% в 4.7% с 2.5% D 3.5% Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardLast 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%arrow_forward
- A country has a Gross Domestic Product of $100 in 2015. In 2020, their Gross Domestic Product is $200. Using the growth rate formula, what is their average yearly growth rate? O 14.9% O 12.8% O 18.9% O 12.8%arrow_forwardThe nominal U.S. GDP per capita was about $23,954 in 1990 and $48,375 in 2010. The GDP deflator of 2010 against 1990 was about 1.5159. What is the average annual growth rate of real GDP per capita during 1990-2010 approximately? O 1.44% O 2.33% O 2.02% O 1.98%arrow_forwardIf real GDP per capita in the United States is $5,000, what will real GDP per capita in the United States be after 3 years if real GDP per capita grows at an annual rate of 2%? O $4,520 O 55,000 $5,306 O $5,560arrow_forward
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