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Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the grow

Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the grow

Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?

2. What annual growth rate is needed for a country to double its output in 7 years? In 35 years? In 70 years? In 140 years?

Abhinav 05-Dec-2019

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