Iceland has real GDP per person 8 times greater than Cape Verde in 1998. Cape Verde's growth rate of real GDP per person in 198 was 5.2%.Cape Verde keeps current growth rate How long before Cape Verde's real GDP per person reaches same as Iceland in 1988
How many times does Cape Verde have to double:?
1-2-4-8=3X 70/5.2=13 13X3=40
An important condition required for economic growth is
economic freedom
Using the data in the table above, the growth rate of real GDP has
Calculate Growth Rate for Time Periods
slowed down from year to year
Using the data in the table above, the growth rate for real GDP for 2005 is equal to
2.25-2.16/2.16 * 100 = 4.17%
The widespread adoption of computers in the workplace has likely caused a
increase in labor productivity because computers are a capital good
India's real GDP grew from $800 billion in 1996 to $888 billion. What was the growth rate of India's real GDP?
11%
Using the rule of 70, a sustained 2.5 percent per year real GDP growth rate will
70/2.5 = 28
Double the current level of real GDP in about 28 years
The new growth theory asserts that profits are
temporary, because discoveries that lead to profits will eventually be used by all - replicated
Thomas Malthus was an economist who contributed to the _______ theory of growth
Classical
In growth theory, the standard of living is measured using the growth rate of
