In year 2012, the size of an economy is equal to $15 trillion; in 2013, it increases to $16.5 trillion. If the economy maintains the same growth rate in the future, how long will it take in total to grow from $15 trillion to $30 trillion according to “the rule of 72”?
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In year 2012, the size of an economy is equal to $15 trillion; in 2013, it increases to $16.5 trillion. If the economy maintains the same growth rate in the future, how long will it take in total to grow from $15 trillion to $30 trillion according to “the rule of 72”? (Choose the closest value.)
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- Suppose a country has a real GDP per capita of $69,000 and grows at a constant rate for the next 49 years. How much larger (in percentage terms) is this country if its growth rate is 4.13% instead of 3.05% after 49 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.In 2021, a nation’s population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2022, its population had increased to 12 million, its nominal GDP had risen to $57.6 billion, and its price index had increased to 120. What was this nation’s economic growth rate during the year?The Rule of 72 Small differences in annual growth rates cumulate into large differences in GDP. Shown here are the number of years it would take to double GDP at various growth rates. Doubling times can be approximated by the rule of 72. Seventy-two divided by the growth rate equals the number of years it takes to double. Growth Rate Doubling Time (percent) (years) 0.0 Never 0.5 144.0 1.0 72.0 48.0 36.0 28.8 20.6 20.6 18.0 16.0 14.4 13.1 12.0 11.1 10.3 9.6 9.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 China's output grew at an amazing rate of 8 percent per year from 2010 to 2014. a. At that rate how long would it take for China's GDP to double? b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? years years
- Between the start of 2012 and the start of 2013, a country’s economic growth rate was 4 percent. Its population did not change during the year, nor did its price level. What was the rate of increase of the country’s nominal GDP during this one-year interval? QIn 2019 a country has 7.48% growth in real gdp, and uses two factors of production: capital (K) and labor (L). In the table below you see the growth rates of the factors of production. Assume that the share of capital in the production is 40% and the share of labor in production is 60%. Capital (K) Labor (L) A country 4.67% 1.89% How much does growth in capital contribute to GDP growth? Write your answer as a percentage, round at two (2) decimals and do not write the percentage sign.in a given year, suppose the real GDP per capita growth rate is 3.8 percent, the inflation rate is 2 percent, and the population growth rate is 12 percent. What is the nominal GDP growth rate? Multiple Choice 50 percent 38 percent 70 percent 5.8 percent
- suppose for a country the nominal GDP growth rate is 6 percent,CPI increassed from 100 to 104,and the population growth rate is 1.2 %.what is the real GDP per capita growth rate a- 2 percent b 0.8 percent c-11.2 percent d-3.2 percentIn the year 2015, the real GDP per capita of Italy is $215 billion. In the year 2016, the number is $220 billion. A student claimed that “Italy can double the real GDP in less than 25 years, assuming the growth rate will remain constant from 2015”. Is this true or false? Choice 1 of 4:False, it will double in about 40 years.Choice 2 of 4:True, it will double in about 20 years.Choice 3 of 4:False, it will double in about 30 years.Choice 4 of 4:True, it will double in about 10 years.In 2018, U.S. GDP was approximately $20 trillion, while India’s GDP was approximately $2.5 trillion. However, India is growing faster than the United States. 1. If the U.S. economy grows at 3% per year, in what year will U.S. GDP double to $40 trillion? (Hint: Use the Rule of 72 to approximate the number of years needed for GDP to double.) 2. If India’s economy grows at 7% per year, in what year will its GDP double to $5 trillion? In what year would India’s economy increase 16-fold to $40 trillion? 3. If each country’s growth rate continues at the same rate, in what year would each country’s GDP reach $80 trillion?
- If real GDP in year 1 is $487 billion and it is $498 billion in year 2, what is the economic growth rate equal to?A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2?Singapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The population was 5.6 million in 2016 and 5.6 million in 2017. Calculate Singapore's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Singapore to double if the 2017 economic growth and population growth rates are maintained. 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.
