1 answer

Question 3 3. As discussed in Chapter 10, real GDP per capita in the United States...

Question:

Question 3
3. As discussed in Chapter 10, real GDP per capita in the United States grew from about $6,000 in 1900 to $50,010 in 2014, wh
3. As discussed in Chapter 10, real GDP per capita in the United States grew from about $6,000 in 1900 to $50,010 in 2014, which represents an average annual growth rate of 1.9%. If the US economy continues to grow at this rate, how many years will it take for real GDP per capita to double from the 2014 number? If the economic growth rate was 2.2 rather than the historic 1.99 how many years will it take for real GDP per capita to double from the 2014 number? 4. Consider the following information for a closed economy. Y - $12 trillion. C e trillion G r is - T-

Answers

ANSWER:

Rule of 70:

number of years = 70 / growth rate = 70 / 1.9 = 36.84

so it will take 36.84 years for real gdp per capita to double from 2014 when the growth rate is 1.9%

number of years = 70 / growth rate = 70 / 2.2 = 31.81

so it will take 31.81 years for real gdp per capita to double from 2014 when the growth rate is 2.2%

.

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