4) Real GDP in 1998 was 9066.9 Billion, and real GDP in 1999 was 9470.3 Billion. According to the rule of 70, how long will it take real GDP double if it grows at a constant rate?
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- If GDP is growing at an annual rate of 6%, in how many years will GDP double?According to the rule of 70 and 72, a 10% annual increase in real gdp would lead to a doubling of real gdp in how many years?Small differences in growth rates in the size of the economy, over several decades, will result in big differences in the size of the economy. Pretend we start in 1950 and the U.S. growth in real GDP has been around 3.15%. This has resulted in real GDP growing 8 times over this 70-year period (1950 to 2020). If real GDP growth had been 4.0%, real GDP would be times larger. a. 8 (about the same growth as with 3.15% growth) b. 10 С. 14 d. 16
- In 2018, U.S. GDP was approximately $20 trillion, while India’s GDP was approximately $2.5 trillion. However, India is growing faster than the United States. 1. If the U.S. economy grows at 3% per year, in what year will U.S. GDP double to $40 trillion? (Hint: Use the Rule of 72 to approximate the number of years needed for GDP to double.) 2. If India’s economy grows at 7% per year, in what year will its GDP double to $5 trillion? In what year would India’s economy increase 16-fold to $40 trillion? 3. If each country’s growth rate continues at the same rate, in what year would each country’s GDP reach $80 trillion?Real GDP per capita increases by 9% in the first year and by 5% in the second. After 2 years, what is the total percent increase in real GDP per capita? Round to two decimal place and do not enter the % sign. If your answer is 6.145%, enter 6.15. If appropriate, remember to enter the negative sign. Hint: If it makes life easier, assume initial real GDP per capita is 100.If GDP is $20 trillion, how many years will it take for GDP to increase to $160 trillion if annual growth is 10 percent? Instructions: Enter your answer as a whole number. years
- in england, suppose GDP per capita grows by 3.0% per year for 19 years. by how many times does this economy grow?Suppose that the GDP of California increases by 8.0% each year. How long will it take for the GDP of California to double? Round your answer to one digit after the decimal. duration for California's GDP to double: Suppose that the GDP of Oregon today is exactly twice what it was 17 years ago. What was the average annual growth for Oregon over this time period? Round your answer to one digit after the decimal. average annual growth for Oregon: years % each year#1: A lower income economy starts off with a per capita GDP of $5,000. How large will the per capita GDP be if it grows at an annual rate of 2% for 10 years? 2% for 30 years? 4% for 10 years? 4% for 30 years? Explain why the difference between 2% and 4% growth matters? #2: List some arguments for and against the likelihood of “convergence”. What sorts of policies can governments implement to encourage convergence? #3: What determines how productive workers are? How do gains in labor productivity lead to gains in GDP per capita?
- If in 2008 China’s real GDP is growing at 9 percent a year, its population is growing at 1 percent a year, and these growth rates continue, in what year will China’s real GDP per person be twice what it is in 2008?Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36 years. How much larger (in percentage terms) is this country if its growth rate is 4.33% instead of 3.13% after 36 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.In 2010, China's GDP per capita grew by approximately: 7%. 8%. 9%. 10%.