Question

# Please, I need full explanation and correct answers. 1) In 2012, Northland had real GDP of...

1) In 2012, Northland had real GDP of \$4.21 billion and a population of 2.98 million. In 2013, real GDP was \$4.59 billion and population was 2.97 million. What was Northland's growth rate of real GDP in 2013? 1) _______

A) 0.38 percent

B) 11.1 percent

C) 9.0 percent

D) 8.3 percent

E) 3.8 percent

3) Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person is 7 percent a year, how long will it take the country's real GDP per person to double?              3) _______

A) 49 years          B) 1 year               C) 2 years             D) 10 years          E) 7 years

4) Suppose a country is producing \$20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to \$80 million? 4) _______

A) 30     B) 7        C) 14      D) 4        E) 3.5

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