a. After Exxon-Mobile discovered major oil deposits off its coast a few years ago, Guyana's real GDP has grown about 5.5% per year. (It used to be one of the world's poorest countries and rarely experienced any growth.) How long will it take for this South American country to double its GDP?
Since you've posed multiple independent questions, according to the guidelines, only yht first question is answered. To answer the other questions, post them separately.
A concise formula known as the Rule of 70 is used to calculate how long it will take a variable to double depending on its yearly growth rate. The Rule of 70 is an idea in economics that provides a simple way to calculate how long it will take a variable to double given its annual growth rate. The doubling time for important economic metrics like the GDP, population, or capital is frequently estimated using the Rule of 70. An economy's future condition and the effects of various policies and causes on growth can be estimated approximately. It is only a simplified calculation and not a concise one.
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