The table below shows the level of real GDP and real GDP per capita growth rates for a select set of countries for the year 2016Determine the number of years it will take for the standard of iving to double in each country.Instructions: Round your answers to 1 decimal place.Growth Retes and the Rule of 72Number of Years forGrouth Rate of Real GDPStandard of Living toCountryReal GDP (illions)per Capita (percent)DoubleCanadaHadagascarPhillppines$1,597,5160.2%37,5701.4807,8945.3Sweden490, 2822.2United States18,624,4750.8

The Gross Domestic Product (GDP) is the summation of the money value of all the final goods and…

The table below shows the level of real GDP and real GDP per capita growth rates for a select set of countries for the year 2016 Determine the number of years it will take for the standard of living to double in each country Instructions: Round your answers to 1 decimal place Growth Rates and the Rule of 72 Nuber of Years for Grouth Rate of Real per Capita (percent) 0.2% Country Standard of Living to Real GDP (illions) $1,597,516 37,570 07,894 Double Canada Madagascar Philippines 1.4 5.3 Sweden 490,282 2.2 United States 18,624,475 0.8

The table below shows the level of real GDP and real GDP per capita growth rates for a select set of countries for the year 2016 Determine the number of years it will take for the standard of living to double in each country Instructions: Round your answers to 1 decimal place Growth Rates and the Rule of 72 Nuber of Years for Grouth Rate of Real per Capita (percent) 0.2% Country Standard of Living to Real GDP (illions) $1,597,516 37,570 07,894 Double Canada Madagascar Philippines 1.4 5.3 Sweden 490,282 2.2 United States 18,624,475 0.8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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At an annual growth rate of 2% it will take approximately years for a country's GDP to double. Over the next 70 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 70 years the value of GDP will be $ million. In 70 years the value of GDP will be times larger than it is today.
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If the annual GDP growth rate on average in a country is 5%, the current GDP is $10 trillion, how many years will it take to double GDP? a. 1400 b. 10 c. 14 d. 70 e. 5
Saved The accompanying table shows real GDP from 2010 to 2015 for China, measured in billions of 2009 dollars: Bil1ions of 2009 Year Dollars Growth Rate 2010 5,609 2011 6,140 2012 6,613 2013 7,122 2014 7, 642 2015 8, 169 J Instructions: Enter your response rounded to one decimal place. a) Complete the growth rate column above. % b) By what percentage did the Chinese economy grow between 2010 and 2015? c) Chinese economic growth was the highest in (Click to select)
> Consider the data in the table below: Per capita GDP, 2017 Saving rate (%) TFP (Ā) United States 1.000 23.5 1.000 Switzerland 1.151 28.8 1.052 Answer the following questions using the Solow growth model. 9. Assuming no differences in TFP (ignore the last column) and no differences in the rate of depreciation between the U.S. and Switzerland, use the data in the table to predict the ratio of per capita GDP of Switzerland relative to that of the U.S. in the steady states. How much percent richer is Switzerland than the U.S. in steady state? 10. Now do the same exercise assuming TFP is given by the levels in the last column. Now how much percent richer is Switzerland than the U.S. in steady state? Consider the data in the table below: Per сapita GDP, 2017
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