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The Real GDP and population data for two hypothetical countries, Hastinapur and Kosala, for the years 2009 and 2010 are given as follows. Hastinapur Kosala $2,564,000 Real GDP (2009) $12,256,000 Population (2009) 16,000 4,000 Real GDP (2010) $12,991,360 $2,615,280 Population (2010) 16,640 4,040 Between the years 2009 and 2010, the absolute Real economic growth for Hastinapur is growth for Kosala is The percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDP = Change in Real GDP Real GDP in Year I Similarly, the absolute Real economic The rule of 70 states that if a variable grows at X% per year, then it will take about years for the variable to double. or Hastinapur and Kosala, the absolute real economic growth rates (percentage change in Real GDP) are 6% and 2%, respectively. If these rates of rowth are sustained over a long period of time, it will take approximately 12 years for the Real GDP of Hastinapur to double. On the other hand, it ill take Kosala approximately 35 years. ne per-capita real economic growth between 2009 and 2010 for Hastinapur is Similarly, per-capita real economic growth for Kosala is

The Real GDP and population data for two hypothetical countries, Hastinapur and Kosala, for the years 2009 and 2010 are given as follows. Hastinapur Kosala $2,564,000 Real GDP (2009) $12,256,000 Population (2009) 16,000 4,000 Real GDP (2010) $12,991,360 $2,615,280 Population (2010) 16,640 4,040 Between the years 2009 and 2010, the absolute Real economic growth for Hastinapur is growth for Kosala is The percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDP = Change in Real GDP Real GDP in Year I Similarly, the absolute Real economic The rule of 70 states that if a variable grows at X% per year, then it will take about years for the variable to double. or Hastinapur and Kosala, the absolute real economic growth rates (percentage change in Real GDP) are 6% and 2%, respectively. If these rates of rowth are sustained over a long period of time, it will take approximately 12 years for the Real GDP of Hastinapur to double. On the other hand, it ill take Kosala approximately 35 years. ne per-capita real economic growth between 2009 and 2010 for Hastinapur is Similarly, per-capita real economic growth for Kosala is

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter16: Creating An Environment For Growth And Prosperity
Section: Chapter Questions
Problem 14CQ
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The Real GDP and population data for two hypothetical countries, Hastinapur and Kosala, for the years 2009 and 2010 are given as follows. Hastinapur $12,256,000 Real GDP (2009) Kosala $2,564,000 4,000 Population (2009) 16,000 Real GDP (2010) $12,991,360 $2,615,280 Population (2010) 16,640 4,040 Between the years 2009 and 2010, the absolute Real economic growth for Hastinapur is growth for Kosala is The percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDP = Change in Real GDP Real GDP in Year I M Similarly, the absolute Real economic The rule of 70 states that if a variable grows at X% per year, then it will take about years for the variable to double. The per-capita real economic growth between 2009 and 2010 for Hastinapur is For Hastinapur and Kosala, the absolute real economic growth rates (percentage change in Real GDP) are 6% and 2%, respectively. If these rates of growth are sustained over a long period of time, it will take approximately 12 years for the Real GDP of Hastinapur to double. On the other hand, it will take Kosala approximately 35 years. Similarly, per-capita real economic growth for Kosala is 4
Transcribed Image Text:The Real GDP and population data for two hypothetical countries, Hastinapur and Kosala, for the years 2009 and 2010 are given as follows. Hastinapur $12,256,000 Real GDP (2009) Kosala $2,564,000 4,000 Population (2009) 16,000 Real GDP (2010) $12,991,360 $2,615,280 Population (2010) 16,640 4,040 Between the years 2009 and 2010, the absolute Real economic growth for Hastinapur is growth for Kosala is The percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDP = Change in Real GDP Real GDP in Year I M Similarly, the absolute Real economic The rule of 70 states that if a variable grows at X% per year, then it will take about years for the variable to double. The per-capita real economic growth between 2009 and 2010 for Hastinapur is For Hastinapur and Kosala, the absolute real economic growth rates (percentage change in Real GDP) are 6% and 2%, respectively. If these rates of growth are sustained over a long period of time, it will take approximately 12 years for the Real GDP of Hastinapur to double. On the other hand, it will take Kosala approximately 35 years. Similarly, per-capita real economic growth for Kosala is 4
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