With continuously compounding population growth of 3% per year, starting with a population of 1 million people, how many people will there be after 100 years, to the nearest million?    a. 4 million    b. 20 million    c. 26 million    d. 10 million

Q: What is worker productivity when it comes to economic growth? How can we express this productivity?…

A: Worker productivity is the number of workers divided by output.It denotes the efficiency of workers.…

Q: Why does economic growth matters? How do resource and technology contribute to economic growth? What…

A: Economic growth is basically  the growth in the real Gross Domestic Product(GDP) of a country. this…

Q: Explain the difference between property rights and contractual rights. Why do they matter to…

A: Property rights are associated with the individuals and firms for owning and using the…

Q: (a) What three institutions do you consider are the most important for a country’s economic growth?…

A: Economic growth refers to the the expansion the production of goods or services in a country. It is…

Q: Assume that a leader country has real GDP per capita of $80,000, whereas a follower country has real…

A: The growth rate of real GDP (Gross Domestic Product) is a measure that quantifies the percentage…

Q: Small differences in the rate of economic growth can lead to large differences in living standards.…

A: The growth rate of an economy is the rate of growth in real GDP of a nation. The growth rate…

Q: How does economic growth influence the living standards of people? Does it really make much…

A: According to the economist Robert Lucas, to achieve growth of real income, the growth of real output…

Q: the population of a city grows by 3% each year. What is the growth factor?

A: In economics, the term "growth factor" refers to a measure that quantifies the rate at which a…

Q: 1. A country had real GDP per person average of 5800 in 2005 and has had real GDP growth of 8,4% per…

A: GDP basically refers to the total monetary value of all final goods and services that a nation…

Q: 2. Choose 1 country from Latin America, or Africa, or Asia. Find its birth (fertility) rate, death…

A: The birth rate of a country is a very important indicator along with the mortality and the…

Q: Which of these is NOT a factor of economic growth? O decrease in the savings rate investment in…

A: Economic growth is defined as an increase in the stock of final goods and services from one period…

Q: How to calculate Average annual growth rate of real GDP per worker, Real GDP per person, Real GDP…

A: The real GDP per capita is calculated by dividing the actual GDP by way of the overall…

Q: What are the differences between economic growth and economic development?  List 1 measurement for…

A: There are many components related to the economy and macroeconomic policies along with the whole…

Q: The great 18th-century economist Adam Smith wrote,"Little else is requisite to carry a state to its…

A: Capitalism is a system in which private intervention takes place that means demand and supply…

Q: At an annual growth rate of 2% it will take approximately years for a country's GDP to double. Over…

A: Using rule of 70, Doubling period = 70 / annual growth rate = 70 / 2 = 35 years

Q: If the annual GDP growth rate on average in a country is 5%, the current GDP is $10 trillion, how…

A: The number of years required to double the growth rate would be found by the rule of 70.  By this…

Q: A nation's real per capita GDP is $7,788 in 2004 and $8,080 in 2005. What is the growth rate of real…

A: The growth rate of real GDP per capita is the percentage change in real GDP per capita over a period…