a. The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70. Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime. Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita. The formula of Rule of 70 is as follows: Number of years for variable to double = 70 Annual growth rate of variable

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Answer 1

Question

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

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Answer 2

Question

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Answer 6

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

Answer 7

Chapter 24, Problem 2P

To determine

a.

The total time taken by each country and for each decade to double the country’s real GDP per capita by use of Rule of 70.

Introduction: Real GDP per capita is the total value of goods and services produced within a country divided by the total population. It is in real terms and adjusted for inflation by dividing it to the total number of people. It is used to compare the standard of living between countries and overtime.

Rule of 70, is a mathematical formula that calculates the number of years to double the country’s real GDP per capita.

The formula of Rule of 70 is as follows:

Number of years for variable to double=70Annual growth rate of variable

Answer 8

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Answer 9

To determine

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 24 - Prob. 1BCQ Ch. 24 - Prob. 2BCQ Ch. 24 - Prob. 3BCQ Ch. 24 - Prob. 4BCQ Ch. 24 - Prob. 1P Ch. 24 - Prob. 2P Ch. 24 - Prob. 3P Ch. 24 - Prob. 4P Ch. 24 - Prob. 5P Ch. 24 - Prob. 6P

b. The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.

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Chapter 24 Solutions

b.

The year in which each countries doubled its real GDP per capita by use of Rule of 70 when the average annual growth rate that each country achieved during period 2000-2010 grows continuously over time.