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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Question

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 iving to double in each country.
Instructions: Round your answers to 1 decimal place.
Growth Retes and the Rule of 72
Number of Years for
Grouth Rate of Real GDP
Standard of Living to
Country
Real GDP (illions)
per Capita (percent)
Double
Canada
Hadagascar
Phillppines
$1,597,516
0.2%
37,570
1.4
807,894
5.3
Sweden
490, 282
2.2
United States
18,624,475
0.8

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