Answered: The rule of 70 is used to find how long…

Business

Economics

The rule of 70 is used to find how long it will take an economy to grow by 70 percent. O True False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
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As long as a country has high GDP growth rate, it can be categorized as an emerging market economy. A. True B. False
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. For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?
. Consider the following data for an economy. Year 1 2 Real GDP $56,000 $78,500 Population 200 263 a. Calculate the real GDP growth rate. b. Using the rule of 70, approximately how many years will it take the economy's real GDP to double? Calculate the standard of living in each of the years. C. d. e. Using the values determined in part c, calculate the standard of living growth rate. Without using the rule of 70, how many years will it take for the standard of living to triple?
All changes saved 22. What caused China's phenomenal economic growth rate over the last 30 years, and why is it likely to be unsustainable in the long run? В i U Font Family - AA- A