Question

An economy with an average growth rate of 5 percent can expect to see its real...

An economy with an average growth rate of 5 percent can expect to see its real GDP double in approximately 14 years. True or False

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The rate of growth of real GDP is 8​%, and the rate of growth of the...
The rate of growth of real GDP is 8​%, and the rate of growth of the population is 6​%. The rate of growth of per capita real GDP is __​%. (Round your response to the nearest whole​ percent.)
1. Suppose that the annual rates of growth of real GDP of Econoland over a five-year...
1. Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these 5 years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have...
Please, I need full explanation and correct answers. 1) In 2012, Northland had real GDP of...
Please, I need full explanation and correct answers. 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...
Question 1: Canada's economy (Use the variable “Real GDP growth, % y-o-y” from BMI.) 1. How...
Question 1: Canada's economy (Use the variable “Real GDP growth, % y-o-y” from BMI.) 1. How much did the Canadian economy grow throughout 2017? 2. Consider your answer to #1. If this growth rate continues, how long will it take for real GDP in Canada to double? 3. Draw a graph of Canada’s real GDP from year 2010 to 2018
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP...
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP $8.4 trillion $8.0 trillion Population 202 million 200 million GDP per Capita $ $ Formulas you could use: Growth Rate in percentage = (Current year value – previous year value)/ previous year GDP per Capita = Real GDP/population (Ch6 Section 6.4) Future value = Present value x (1 + growth rate)^number of years (Ch7 Section 7.2) Rule of 72: 72/growth rate = number of...
If GDP grew 3% in 1970, 2.2% in 1971 and 2.5% in 1972 then, what is...
If GDP grew 3% in 1970, 2.2% in 1971 and 2.5% in 1972 then, what is the average annual growth rate over this period? Select one: a. 2.6% b. -2.2% c. 5% d. 4% If GDP grows at a rate of 3% per year, approximately how long will it take for GDP to double in size? Select one: a. 21 years b. 12 years c. 23 years d. 35 years Potential GDP is always greater than real GDP in an...
True or False? Suppose that the real interest rate is 3 percent. The money supply is...
True or False? Suppose that the real interest rate is 3 percent. The money supply is currently growing by 7 percent per year and real GDP is growing by 2 percent per year. If the Fed permanently reduces the growth rate of the money supply to 6 percent, the nominal interest rate will fall to 1 percent. (Hint: Since the change in the money growth rate is permanent, it will permanently change the inflation; people will then adjust their expectations...
If Jamaica maintains its growth rate, what will the GDP be in 10 years?    The...
If Jamaica maintains its growth rate, what will the GDP be in 10 years?    The following table contains economic data on Jamaica: Nominal GDP (in billions USD) GDP deflator Real GDP (in billions USD) 2015 $14.19 96.53 2016 100 $14.06 2017 $15.57 $14.77 Fill in the missing values? What is the GDP growth rate from 2015 to 2017? What is the inflation rate from 2017 to 2016? If Jamaica maintains its growth rate, what will the GDP be in...
Suppose an economy has a debt to GDP ratio of 110%, a real growth rate of...
Suppose an economy has a debt to GDP ratio of 110%, a real growth rate of 2.5% and interest rates of 1%. Assuming their deficit is zero, should they be concerned with debt stability? What affect would fiscal consolidation have on growth rates?
Long-Run Economic Growth – End of Chapter Problems 2. The accompanying table shows the average annual...
Long-Run Economic Growth – End of Chapter Problems 2. The accompanying table shows the average annual growth rate in real GDP per capita for Argentina, Ghana, and South Korea, using data from World Bank, World Development Indicators, for the past few decades. a. For the 10-year periods indicated, use the Rule of 70 to calculate how long it would take for that country’s real GDP per capita to double. Round your answers to one place after the decimal point. Average...