2) The real GDP of the U.S. economy was $19,222.0 billion at the end of 2019. (a) Calculatethe real GDP in 5 years time if (1) growth is 3% per year, and (2) growth is 2% per year. (b)What is the difference in GDP between a growth rate of 2% and one of 3% over those 5years? (Note: There is a note on compounding growth in the Canvas Module).

Real GDP in 2019 = 19,222 Billion $ Time = 5 years When growth rate is 3% per year Real GDP after…

Answered: 2) The real GDP of the U.S. economy was…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. In 1900, Per-Capita GDP in Japan was $2000. In 2017 it was $47,000. (a) Calculate the growth rate in per-capita GDP over this period. (b) If this growth rate continues, what will Japan's PC GDP be 50 years from now ?
Economics hello please help me with this question QUESTION T Suppose that x is growing at 5 percent a year, y is growing at 10 percent a year, and z is growing at minus 20 percent a year. What is the growth rate of LifL=xy O 0.02. O 0.06 O 0.15 O We do not have enough information. O 0.10.
If real GDP for 2009 is $6400 billion (in 2012 dollars) and nominal GDP for 2010 is $6/20 billion, then the growth rate of real GDP ix Select one a .5% b.0.5% c unknown based on the given information d. 0%.
3. The country of Patagonia has produced the following quantity of gauges and potatoes, with the price of each listed in dollar terms. Year 1 Year 1 Year 2 Year 2 Quantity Price Quantity Price Gauges 8,000 $4 10,000 $3 Potatoes 6,000 $8 5,000 $14 (a) Using Year 1 as the base year, what is the growth rate of real GDP from Year 1 to Year 2? (b) Based on the GDP deflator, what is the inflation rate from Year 1 to Year 2?
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62. What is a problem with the geographical explanation for economic growth? (A) It ignores Malthusian dynamics. (B) Countires like Singapore, with unfavourable geography, are rich. (C) Geography is the outcome of millennia of historical processes that are not fully understood. (D) It ignores the productivity explanation for economic growth.
Describe the different ways to determine the rate of return?
If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%
18 If real GDP is 250 in Year 1 and 300 in Year 2, what is the growth rate of real GDP Group of answer choices 5% 20% 50% 16%
7. What rate of GDP growth would the government need to meet its goal of doubling the population's living standards in 18 years? Group of answer choices 4 percent 3 percent 2 percent 1 percent
5. Suppose that the economy's production function is Y = √KVLA where K is capital, L is labor, and A is the state of technology. Suppose that the saving rate (s) is equal to 2.4%, the rate of depreciation of capital (6) is equal to 3%, the number of workers grow at 0.7% per year and the rate of technological progress is 3%. (a) Find the steady state values of: iv. v. growth rate of output growth rate of output per worker (b) Suppose that the growth rate of workers decreases. What is its short-run and the long-run effect on the growth rate of output per worker ?
3. Which statement about the Rule of 70 is NOT true? A. it is a valuable tool for understanding the power of compounding growth rates over time B. it is fairly accurate for small growth rates C. it becomes more accurate over time D. it is an easy way to approximate the number of years it takes for an amount to double in value

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