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Chapter 9: Q.18 (page 211)

Consider Figure 9-7, and suppose that we round the rate of growth of per capita real GDP experienced in the European Union between 1981 and 1990 to the nearest full percentage point. Based on the information in Table 9-3, by what percentage would per capita real GDP has increased between 1990 and 2020 if the economic growth rate will have remained at this rounded level?

Short Answer

Expert verified

between1990and2020the per capita real GDP has increased by5.74%.

Step by step solution

01

introduction

Per capital Real GDP implies the genuine GDP for every unit of the populace.

02

explanation

Given,

If the economic growth rate will have remained at this rounded level,

growth per capita real GDP is 6%between years 1981-1990

From the table,

For time period = 30years at 6%

The per capita real GDP has increased by5%

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Most popular questions from this chapter

A nation's per capita real GDP was$2,000 in 2017, and the nation's population was5 million in that year. Between 2017 and 2018, the inflation rate in this country was role="math" localid="1651519423079" 5 percent, and the nation's annual rate of economic growth was 10 percent. Its population remained unchanged. What was per capita real GDP in 2018? What was the level of real GDP in2018?

A nation's capital goods wear out over time, so a portion of its capital goods become unusable every year. Last year, its residents decided to produce no capital goods. It has experienced no growth in its population or in the amounts of other productive resources during the past year. In addition, the nation's technology and resource productivity have remained unchanged during the past year. Will the nation's economic growth rate for the current year be negative, zero, or positive?

Based on data in Table 9-1and the rule of 70, if India's per capita real GDP continues to grow at the average rate it has experienced since 1990, about how many years will be required for it to double?

Based on data in Table 9-1 and the rule of 70 , if U.S. per capita real GDP continues to grow at the average rate it has experienced since 1990 , about how many years will be required for it to double?

Consider Figure 9-8. According to rule of 70, about how many years would have been required for US per capita real GDP to double if it had remained at the average level observed between 1961 and 1980 ? Between 2001 and 2017 .?
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