A developing country has determined that each additional $1 billion of investment in capital goods adds 0.3 percentage point to its long-run average annual rate of growth of per capita real GDP. Domestic entrepreneurs recently began to seek official approval to open a range of businesses employing capital resources valued at $27 billion. If the entrepreneurs undertake these investments, and assuming that other things are equal, calculate the nation's long-run average annual rate of growth of per capita real GDP up to a fraction of a percentage point. nothing percent. (Round your answer t
A developing country has determined that each additional $1 billion of investment in capital goods adds 0.3 percentage point to its long-run average annual rate of growth of per capita real GDP. Domestic entrepreneurs recently began to seek official approval to open a range of businesses employing capital resources valued at $27 billion. If the entrepreneurs undertake these investments, and assuming that other things are equal, calculate the nation's long-run average annual rate of growth of per capita real GDP up to a fraction of a percentage point. nothing percent. (Round your answer t
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A developing country has determined that each additional $1 billion of investment in capital goods adds
GDP .
0.3
percentage point to its long-run average annual rate of growth of per capita real Domestic entrepreneurs recently began to seek official approval to open a range of businesses employing capital resources valued at
$27
billion. If the entrepreneurs undertake these investments, and assuming that other things are equal, calculate the nation's long-run average annual rate of growth of per capita real GDP up to a fraction of a percentage point.
nothing
percent. (Round your answer to one decimal place.)Expert Solution
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