A country experiences economic growth if Question 53 options: a) real GDP increases b) both nominal and real GDP increase c) the price level increases d) nominal GDP increases
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- Assuming a country’s economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age __________. Question options: a) 30 b) 60 c) 50 d) 40 Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while CountryBeta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta. Question options: a) triple b) double c) one-half d) one-fourthA country will roughly double its GDP in twenty years if its annual growth rate is: Group of answer choices 2.5 percent. 12 percent. 7.5 percent. 3.5 percent.Q)1 a) Canada's real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018. Canada's population growth rate in 2018 was 0.8 percent. Calculate Canada's economic growth rate and growth rate of real GDP per person in 2018. b) Calculate the approximate number of years it will take for real GDP per person to double if an economy maintains an economic growth rate of 12 percent a year and a population growth rate of 7 percent a year.
- Economic growth and Production Function Practice 1) The following values relate to the countries below for the following 3 years in terms of Real GDP: Years Canada 1.722 trillion 1.742 trillion Tajikistan 7.765 billion Netherlands. 913.6 billion 2018 2019 8.301 billion 907.1 billion 2020 1.643 trillion 8.194 billion 912.2 billion a) Calculate the Real gdp growth rate for each country and between the following 2 periods (2018-2019 and 2019-2020) b) State how long it will take for each country in 2020 in order to double their levels of real gdp. c) Which country is more likely to achieve economic growth faster? why do you think this is?If real GDP per capita doubles between 2005 and 2020, what is the average growth rate of real GDP per capita? a)4.7% b)21% c)15% d)10.5%What is the potential impact of rapid economic growth on: a) A nation's tax base? b) GDP/Capita? Brief explanation for each. 2. If the annual rate of GDP growth is 3%, use the rule of 72 to calculate the number of years it would take for the GDP to double. Show all calculations. I (Ctrl)-
- The economy has grown by 4% per year over the past 30 years. During the same period, the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years. What is the growth rate of productivity? A) 5% B) 4% C) 3% D) 1.6%Table: Growth Rates and Real GDP per Capita Country A Country B $8,000 $10,000 6% Real GDP per capita Economic growth rate 7% Country C $12,000 3% country A country D country B country C Country D $23,000 2% Which country will reach a real GDP per capita of $80,000 the most quickly if the growth rates in the table are maintained?A) If you are given a choice to live in a country with high level of GDP and low growth rate or to live in a low level of GDP and a high growth rate, which option would you choose and why? B) Assume a hypothetical society that decides to reduce consumption (production of consumption goods) and increase investment (production of capital goods). 1) How would this change affect economic growth? 2) What groups in society would benefit from this change? What groups might be hurt?
- (a) Differentiate between the economic concepts of short-run and long-run economic growth and analyse the main causes of economic growth in a country. (b) GDP per capita is often considered to be the most important indicator of living standards, but critics often claim that it does not measure of all the elements that contributes to a person’s happiness. Discuss the extent to which you agree that GDP per capita is the most effective measure of living standards of a country.Q)Consider three economies,each of which has GDP per capita of $100. Trend growth in these economies is 2%, 2.5% and 5% respectively. Calculate GDP per capita for each economy after 5, 10, 20, 50 and 100 years.GDP per capita in the United States was approximately $63,000 in 2020. Use the growth formula (see below) to answer the following questions: Growth formula: (future value) = (present value) × (1 + r)t present value = this year's GDP per capita future value = GDP per capita in the future r = rate of growth (in decimal form) per year What will GDP per capita be in the year 2025 if it grows each year by 2.5 percent?