Suppose that the current (first) generation consists of 1 million people, half of whom are women. Assume the total fertility rate is 1.2 and the only way people die is of old age. Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to 2 decimal places. a. How big will the fourth generation (the great-grandchildren) be? ___ people b. How much smaller (in percentage terms) is each generation than the previous generation?

Suppose that the current (first) generation consists of 1 million people, half of whom are women. Assume the total fertility rate is 1.2 and the only way people die is of old age. Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to 2 decimal places. a. How big will the fourth generation (the great-grandchildren) be? ___ people b. How much smaller (in percentage terms) is each generation than the previous generation?

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 4SCQ: Assume there are two countries: South Korea and the United States. South Korea grows at 4 and the...

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Question

Suppose that the current (first) generation consists of 1 million people, half of whom are women. Assume the total fertility rate is 1.2 and the only way people die is of old age.

Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to 2 decimal places.

a. How big will the fourth generation (the great-grandchildren) be?

___ people

b. How much smaller (in percentage terms) is each generation than the previous generation?

___ percent

c. How much smaller (in percentage terms) is the fourth generation than the first generation?

___ percent

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