2) The real GDP of the U.S. economy was $19,222.0 billion at the end of 2019. (a) Calculate the 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 5 years? (Note: There is a note on compounding growth in the Canvas Module).
2) The real GDP of the U.S. economy was $19,222.0 billion at the end of 2019. (a) Calculate the 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 5 years? (Note: There is a note on compounding growth in the Canvas Module).
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
Problem 22CTQ: Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita...
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