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? 14.9% 12.8% O 18.9% O 12.8%

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? 14.9% 12.8% O 18.9% O 12.8%

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 2PA

See similar textbooks

Related questions

Q: Year 2013 $8,700 2014 $8,875 2015 $9,000 2016 $9,280 sing the table above, what is the approximate…

A: Average annual growth rate can be defined as the average rise in the value of an investment, asset,…

Q: A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. its population was 120…

A: The information given can be represented as table Year 1Year 2Real GDP$250$270Population 120125.

Q: A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDP…

A: Nominal GDP measures a country's gross domestic product using current prices or market value of…

Q: If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to…

A: Given GDP growth rate is 5% i.e g=0.05 We have to find the number of years in which the GDP get…

Q: There is such a close relationship between changes in a nation’s rate of productivity growth and…

A: If there is a relationship between the nation’s rate of productivity growth and average real hourly…

Q: Assume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The…

Q: At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double.…

A: Part A: Let the original GDP be x and the double of this GDP is 2x. Let’s calculate - how many years…

Q: The nominal U.S. GDP per capita was about $23,954 in 1990 and $48,375 in 2010. The GDP deflator of…

A: Real GDP considers the inflation; and the real GDP per capita determines the average GDP per person…

Q: In 2019 a country has 7.48% growth in real gdp, and uses two factors of production: capital (K) and…

A: Assume the share of capital in production is 40% and share of labor in production is 60% Production…

Q: 1. Consider the variables x. v. and z. Assume that the growth rates of these var are given by g(x) =…

A: Three variable: x,y,z Growth rates: g(x)=0.04=4% g(y)=0.12=12% g(z)=0.008=0.8% To find: Growth…

Q: Suppose China’s GDP is growing by 7% a year and its population grows by 1% a year. Also suppose that…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: You know that it takes approximately 20 years for nominal GDP per capita to increase by 40% in…

A: The annual growth rate is a measure of how much a quantity (such as GDP, population, revenue, etc.)…

Q: Which of the following is a benefit of long-run economic growth? O A. increased future interest…

A: Long-run economic growth refers to the sustained and continuous increase in an economy's production…

Q: 260 The logistic growth model P) represents the population of a species 1+ 64e-0.15 introduced into…

A: 260/1+64e/0.158t= (70) 260/1+64e/-0.158t=70 260/70=1+64e0.158t 19/7=64e-0.158t 19/7×64=e-0.158t…

Q: Consider a country with a nominal gross domestic product (GDP) of $25 billion in 2016 and $30…

A: This can be defined as a concept that shows the total production of commodities and services in a…

Q: The following table shows the monthly total expenditure in 2010 for an economy expressed in…

A: Growth rates allude to the rate change of a particular variable inside a particular time span. For…

Q: Suppose that real GDP per capita in the United States is $53,500. If the long-term growth rate of…

A: Real GDP per capita is the value of final goods and services produced in the economy adjusted for…

Q: Suppose the GDP deflator was 200 in 2008 and 190 in 2009. In addition, nominal GDP was 1% lower in…

A: GDP refers to the standard measure of the value added created through the production of goods and…

Q: Annual growth in RGDP per capita in China has slowed in recent years due to the pandemic lockdown…

A: The annual growth rate of RGDP represents the percentage increase or decrease in a country's real…

Q: 1. Assume that a country's production function is Y = KiLÄ. Assume there is no population growth or…

A: Solow Growth Model refers to the exogenous model to analyzes the economic growth due to change in…

Q: Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using…

A: Real GDP refers to the measure of a country's gross domestic product that has been adjusted for…

Q: Last year real GDP in the imaginary nation of Olympus was 445.0 billion and the population was 2.2…

A: Given: Last year real GDP=445 billion Population=2.2 million The year before real GDP=390 billion…

Q: Suppose, a country X has a GDP level of 4, 50,000 and a growth rate of 10% in 2007 (calculated at…

A: Given Information: Initial GDP in 2007 = 450000 A principle amount will be double in few years…

Q: input

A: Growth accounting helps us to understand contribution of different factors towards growth. Labor,…

Q: Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2…

A: Here, real GDP per person-year before last year =500000/2=250000 real GDP per person last year…

Q: If X grows at a rate of 9% a year, and Y grows at a rate of 14 percent per year, what is the growth…

A: Given information: (1) There are two variables, i.e., X and Y. X grows at a rate of 9% a year.…

Q: ssume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The…

Q: In a steady-state economy (i.e., the economy is at steady-state equilibrium) with 1% population…

A: The Solow growth model is generally used to show how growth in the labor force, increase in capital…

Q: If real GDP per capita is increasing, the rate of real GDP growth is: O less than the rate of…

A: Real GDP per capita:Real GDP per capita is a measure of the economic output of a country or region…

Q: The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A mathematical approximation called t he rule of 70 tells us that the number of years that it will…

A: The rule of 70 conveys the information about the time taken by a variable to become twice of its…

Q: You are asked to perform a growth accounting analysis for Ethiopia to inform policy makers. Output…

Q: QUESTION 2 If Z = (XY)2, and we know that the annual growth rate of Z is 3%, and the annual growth…

A: Growth rates refer to the percentage change of a specific variable within a specific time period.…

Q: If the real GDP growth rate in the UK is 2.0% on average, then the level of real GDP will be doubled…

A: Given : Average growth rate in the UK =2% Time to double the GDP =?

Question

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%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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%
The GDP at Q101 is 250600 and the GDP at Q102 is 260700. What is the total GDP growth between Q101 and Q102? Select one: O a. 4% O b.2.9% O C8.27% O d. None O e. 6.15%
The 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%
8
6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the endogenous growth model. What effects does this have on the rates of growth and the levels of human capital, consumption, and output? Explain your results.
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
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
On the following scatter plots, the 1960 real per capita GDP is on the x-axis and the y-axis represents the average economic growth rate between 1960 and 2017. Which one shows the strongest evidence in favour of convergence? O 2.5 1960-2017 growth (percent) 2.0 1.5 1.0 3 2 5 5 Convergence 10 1960 GDP (constant dollars per person) Convergence 15 10 15 1960 GDP (constant dollars per person) 20 20
Solve the problem. 260 The logistic growth model P(t) - represents the population of a species 1+ 64e-0.15 introduced into a new territory after t years. When will the population be 70? O 7.34 years O 20 years O 18.02 years O 5.36 years
Question 2 Suppose that the production function is Y = 10K5L5, the population growth rate is 15 percent and the depreciation rate is 5 percent. What is the steady state level of k if the economy saves 30 percent? O 400 O 225 100 O 1000 Question 3 Suppose that the production function is Y 10K SL5, the population growth rate is 15 percent and the depreciation rate is 5 percent. What is the steady state level of y if the economy saves 30 percent? 250 350 150 O 450
Annual 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.
Which of the following is a benefit of long-run economic growth? O A. increased future interest rates B. a greater ability to reduce inequality C. growth in nominal GDP greater than real GDP D. decreased productive capacity O E. decreased current saving and increased current consumption