ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 42, Problem 4RQ
To determine
The best savings rate to improve standards of living in DVCs.
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Question 1
If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to double?
13.8
O 14.2
O 15.2
O 18.2
8
Annual growth in RGDP per capita in China has slowed in recent years due to the pandemic lockdown and now the real estate crisis. Assume GDP per capita was 12.5 trillion (S) in 2015 and is 16.5 trillionin 2023. What is the annual rate of growth in RGDP per capita between 2015 and 2023?
A 8.5%
в 4.7%
с 2.5%
D 3.5%
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Chapter 42 Solutions
ECONOMICS W/CONNECT+20 >C<
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- If real GDP per capita in the United States is $5,000, what will real GDP per capita in the United States be after 3 years if real GDP per capita grows at an annual rate of 2%? O $4,520 O 55,000 $5,306 O $5,560arrow_forwardQuestion 2 Suppose that the production function is Y = 10K5L5, the population growth rate is 15 percent and the depreciation rate is 5 percent. What is the steady state level of k if the economy saves 30 percent? O 400 O 225 100 O 1000 Question 3 Suppose that the production function is Y 10K SL5, the population growth rate is 15 percent and the depreciation rate is 5 percent. What is the steady state level of y if the economy saves 30 percent? 250 350 150 O 450arrow_forwardQUESTION 11 Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its annual growth rate is However, if its annual growth rate is 5%, its GDP will roughly double in O 2 percent; 14 years O 7.5 percent; 10 years O 3.5 percent; 5 years O 2.5 percent; 25 yearsarrow_forward
- Which of the following is a benefit of long-run economic growth? O A. increased future interest rates B. a greater ability to reduce inequality C. growth in nominal GDP greater than real GDP D. decreased productive capacity O E. decreased current saving and increased current consumptionarrow_forwardA nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2? Multiple Choice 20 percent 74 percent percent 4.4 percent O Ⓒ 100% 0 ENI %arrow_forwardLast year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year? O 12% O 10% O 4% 2%arrow_forward
- A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?arrow_forward- Suppose that work hours in New Zombie are 200 in year 1, and productivity is $8 per hour worked. What is New Zombie's real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie's rate of economic growth? LO8.4arrow_forwardOn the following scatter plots, the 1960 real per capita GDP is on the x-axis and the y-axis represents the average economic growth rate between 1960 and 2017. Which one shows the strongest evidence in favour of convergence? O 2.5 1960-2017 growth (percent) 2.0 1.5 1.0 3 2 5 5 Convergence 10 1960 GDP (constant dollars per person) Convergence 15 10 15 1960 GDP (constant dollars per person) 20 20arrow_forward
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