Real GDP per capita in the United States, as mentioned in the chapter, grew from

Q: Real GDP per capita in the United States, as mentioned in the chapter, grew from

for double => 2*42200=42200*(1+0.018)^n => solving for n, we get n=38.853 => n= 38.85 years so i) answer = 38.85 years ii) => 2*42200 = 42200*(1.024)^n => n=29.226 => n= 29.23 years so ii) answer =29.23 years

ID: 1098486 • Letter: R

Question

Real GDP per capita in the United States, as mentioned in the chapter, grew from about $5,600 in 1900 to about $42,200 in 2010 which represents an annual growth rate of 1.8 percent.

If the United States continues to grow at this rate, it will take _____ years for real GDP per capita to double. (rounded to 2 decimal places)

If government economic policies meant to stimulate economic growth result in the annual growth rate increasing to 2.4 percent, it will take _____years for real GDP per capita to double. ( round 2 decimal places)

Explanation / Answer

for double

=> 2*42200=42200*(1+0.018)^n

=> solving for n, we get n=38.853

=> n= 38.85 years

so i) answer = 38.85 years

ii) => 2*42200 = 42200*(1.024)^n

=> n=29.226

=> n= 29.23 years

so ii) answer =29.23 years

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Real GDP per capita in the United States grew from about $6,000 in 1900 to about

Real GDP per year Refer to the above figure. If the price level is 80 O 1) the a

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Real GDP per capita in the United States, as mentioned in the chapter, grew from

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