Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP was $502.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person?

Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP was $502.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 8P

See similar textbooks

Related questions

Q: From 2015 to 2018, the following statistics apply to Country A and Country B is depicted in the…

A: Nominal GDP includes both the growth and prices. Real GDP shows only the growth in the economy. Real…

Q: Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with…

A: The rule of 70 is a means of estimating the number of years it takes for an investment or money to…

Q: Which of the following is the per capita real GDP growth rate if a country''s real GDP growth rate…

A: GDP growth rate: It measures the percentage change in the overall output level in an economy during…

Q: Discuss three (3) reasons for believing that population growth is not a problem.

A: Discuss three (3) reasons for believing that population growth is not a problem. Answer: High…

Q: The GDP per capita of Greece was $22,494 in 2012 and $21,966 in 2013. Based on these figures, the…

A: Given, The GDP per capita in 2012 = $22,494 The GDP per capita in 2013 = $21,966 Mathematically, the…

Q: The table shows real GDP per capita (RGDPPC) for the fictitious country of Amerucana for a…

A: The growth rate of RGDPPC from 2011 to 2012 can be calculated as follows.

Q: The most commonly used measure of the economic growth of a country is which of the following? (A)…

A: Economic growth is measured by the increase production of goods and services per capita by a country…

Q: If in 2008 China’s real GDP is growing at 9 percent a year, its population is growing at 1 percent a…

A: The number of years taken to double the GDP per person can be calculated by using the rule of 70.…

Q: A country aims to double real GDP per capita in the next 25 years. If the rate of population growth…

A: Using the rule of 70 Growth rate to double = 70/years=70/25=2.8% Future value, FV = 2 Present value,…

Q: describe the process by which a decrease in income taxes impacts economic growth.

A: The aggregate output function, as well as the labor demand and supply curves, decide the direction…

Q: what is differences in the types of incentives that economists propose for increasing economic…

A: Answer: Eсоnоmiс develорment inсentives stаte аnd lосаl gоvernment effоrts tо enсоurаge…

Q: Population of a Country The population of a country has a relative growth rate of 3% per year. The…

A: Population growth is the variation in the population concerning time. The population growth rate is…

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given Information: Real GDP in year 1 = $30,000 Real GDP in year 2 = $31,200 Population in year 1 =…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: It is the total value of goods and services that are produced in a country during a given period of…

Q: If a country experiences real economic growth of 12% per year, it can go from being one of the…

A: Now days china China is fastest growing economy in the world . And Now in present just before week…

Q: Does a country need to be well endowed with natural resources in order to experience rapid long-term…

A: Economic growth refers to the increase in the amount of goods and services produced in the economy.…

Q: Of the following countries, which one had the highest average growth rate per year from 1993-2012?…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Most of less developed countries have achieved higher economic growth during the past ten years, but…

A: Underdeveloped countries are characterized by the low level of economic development and standard of…

Q: Country A and Country B initially have the same real GDP per capita. Country A experiences no…

A: GDP refers to the value of final goods and services produced in an economy. Real GDP is the value of…

Q: I am looking for the formula to solve this problem: Suppose a country's real GDP per capita was…

A: The Gross Domestic Product is the summation of the money value of all the final goods and services…

Q: Texas 45,091 58.417 Colorado 47,335 59,057 Ohio 42,086 51.456 What is the difference in terms of…

A: The average annual growth rate (AAGR) is the common boom or lower withinside the cost of an funding…

Q: Answer if TRUE OR FALSE • Population growth rate has a major effect/impact on the economy of the…

A: In a country, population refers to the number of people living in the country and earning their…

Q: A lower income economy starts off with a per capita GDP of $5,000. How large will the per capita GDP…

A: Given data: per capita GDP of $5,000 Annual growth rates are: 2% for 10 years 2% for 30 years 4% for…

Q: Assume GDP per capita in constant dollars was $30,250 for 2003 and $40,000 for 2004. In this case,…

A: GDP is the measure of value of all the final goods and services produced in an economy in a given…

Q: Compared to China, the US has a higher growth rate of output per capita Higher worker productivity a…

A: The correct option is all of the above. Compared to China, the US has higher growth rate of output…

Q: Would you rather live in a nation with a high per capita GDP and low growth rate, or in a nation…

A: Answer in Step 2

Q: Based on the "Rule of 70", a country that has a constant real per capita GDP growth rate of 2% per…

A: According to Rule 70: Number of years to double = (70 / Annual growth rate) Note: If the annual…

Q: Which of the following countries would be more likely to experience strong economic growth, other…

A: Economic growth means an increase in the total production of goods and services in a given year in…

Q: Understanding of growth is important because it means that the country wants to grow in which region…

A: Economic growth refers to an increase in the value of goods and services produced in the economy…

Q: The following table shows the GDP per capita since 1820 in selected countries (in PPP-adjusted 2005…

A: Gross Domestic Product or GDP is a statistical measure used to calculate the total money value of…

Q: True

A: AK model is a subfield of macroeconomics. It is an endogenous growth model which is used in the…

Q: How can you say that there is an economic growth in a particular country? Cite some instances to…

A: Economic growth is an important indicator of the development of a country. Most of the developed…

Q: Explain about the positive relation between growth rate and standard of living of a country.

A: Economic growth is the rise in an economy's production of goods and services. The rise in capital…

Q: With three economies, each of which has a GDP per capita of $100. Trend growth in these economies is…

A: GDP per capita is measured as the ratio of total gdp and population . it shows how a person earn…

Q: Average Growth Rate (2000-2015) of Per Capita GDP Population GDP High-income countries United States…

A: Per capita GDP is expressed as the ratio GDP of a country and total population. It is shown as…

Q: Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2…

A: Here, real GDP per person-year before last year =500000/2=250000 real GDP per person last year…

Q: If real GDP in year 1 is $487 billion and it is $498 billion in year 2, what is the economic growth…

A: The term real GDP is defined as the inflation-adjusted value of all final products or goods and…

Q: All values are 2005 dollars. Part a) Calculate the growth of GDP/capita in each column. Part b)…

A: There are two forms of measures of GDP: nominal GDP and real GDP. Nominal GDP ascertains the value…

Q: What will happen to the annual rate of growth of per capita real Gross Domestic Product (GDP) if…

A: In an economy, per capita growth rate refers to the average increase in growth rate according to the…

Q: The following table reports real GDP per person for several different economies in the years 1960…

A: Solving all with explanation.

Q: The government recognized that continued population growth does not necessarily have negative effect…

A: In Malaysia, twelve five year plans are introduced till now and they all have their significance…

Q: How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%? 7)…

A: The correct answer is given in the second step.

Q: The productivity growth rates of poorer countries tend to be _____ than those of richer countries.…

A: The productivity growth rate of an economy is determined by the interaction of growth in capital…

Question

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the share of GDP used for capital goods is 0.08, the growth rate of productivity is 0.09, the growth rate of population is 0.02, the depreciation rate is 0.02, the initial capital/output ratio is 3.75, and the elasticity of GDP with respect to capital is 0.1, then what is the growth rate of the GDP per capita? Use three decimal places.
Consider two distinct countries, denoted as A and B. Initially, Country A had a per capita GDP of $10,000 and experienced a growth rate of 10%, while Country B had a per capita GDP of $40,000 and experienced a growth rate of 2%. Assuming that the growth rates remain unchanged, which country will have a higher per capita GDP when t = 35 time periods (years)? O Country B O Country A O All of these choices are correct. They are the same
The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars). 1. Identify the countries that experienced sustained growth from 1920 to2010.
Why do you think it is difficult for high-income countries to achieve high growth rates?
Please help solve what was the real GDP per capita growth rate for Country B.
According to Wheelan all of the below are important determinants for economic growth and development of nations, EXCEPT THIS ONE. Which of the below does Wheelan consider to be NOT ESSENTIAL for economic growth and development? Group of answer choices Possession of large amounts of natural resources. Human capital. Well-defined property rights. Responsible fiscal and monetary policy. Non-excessive levels of regulation. Openness to trade.
Calculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth=2.6 percent; real output growth = -1.4 percent. Real growth per capita:% b. Estonia: population growth=-0.3 percent; real output growth 4.3 percent. Real growth per capita: % c. India: population growth = 2.1 percent; real output growth 6.2 percent. Real growth per capita: % d. United States: population growth = 0.4 percent; real output growth 2.6 percent. Real growth per capita: %
Botswana’s population grew by 3.5 percent per year, 1970–80, and by 3.4 percent, 1980–93, while total GDP grew by 14.5 percent per year, 1970–80, and by 9.6 percent per annum, 1980–93. What was happening to Botswana’s GDP per person over each period?
Comment on the following statement: The level and growth rate of real GDP per capita can be a misleading indicator of development. At the same time, countries that experience sustained increases in real GDP per capita over time will tend to be more developed
what are the benefits of economic growth to a country
Which of the following is NOT a reason why middle-income countries in the east have experienced rapid growth rates? Group of answer choices The countries developed abundant new technologies which drove growth These countries had a strong policy structure that supported human capital investments These countries encouraged participation in the world markets These countries accrued larger savings and invested it domestically
The table below shows the level of real GDP and real GDP per capita growth rates for a select set of countries for the year 2016. Determine the number of years it will take for the standard of living to double in each country. Instructions: Round your answers to one decimal place. Growth Rates and the Rule of 72 Country Real GDP (millions) Growth Rate of Real GDP per Capita (percent) Number of Years for Standard of Living to Double Canada $1,445,260 0.8% Madagascar 37,297 1.8 Philippines 843,692 5.1 Sweden 488,759 2.8 United States 12,341,233 0.2