Which figure is commonly used to measure economic growth? Oinflation real GDP pe
ID: 1158496 • Letter: W
Question
Which figure is commonly used to measure economic growth? Oinflation real GDP per capita nominal GDP QUESTI 10 points Save Answer If country is growing at a rate of 296 per year, how long will it take for that country's GDP to 35 years 50 years 100 years Onot enough information QUESTI 10 points Save Answer What will the GDP per capita of a country be if it starts off with a GDP per capita of $5,000 and grows at an annual rate of 2% for 20 years? $10,000 O$7,429.74 $250,000 $100,000 QUESTI 10 points Save Answer Which of the following is NOT a source of economic growth? Ogrowth in labor human capital O new discoveries reduced internationalExplanation / Answer
1. The Real GDP per capita is the most commonly used to measure economic growth. It is so because it measure the value of total number of ouptut produced in a country.
so option c) is correct.
2. correct ans is a) 35 years by using the 70 rule
Numbers of years to double the GDP = 70/ growth rate
70/2 = 35 years.
so it takes 35 years for the country's GDP to double.
3. BY using the formula:
Current GDP = Starting GDP* (1+ growth rate)number of years
here we have to find current GDP
and Starting GDP = $5,000
growth rate = 2% = 0.02
Number of years = 20 years
put values in the formula, we get
Current GDP = $5,000 ( 1+0.02)20
Current GDP = $7,429.74
so correct option is b).
4. Reduced international trade is not a source of economic growth because, Reduced international trade leads to reduce the economic grwoth so it is not a source but it leads to fall the growth of the economy. So option d) is correct.
other options are source of economic growth :
As growth in labour productivity, human capital and new discoveries all help the economy to grow and so a source of economic growth.
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