Solved If Real Gdp Grows At 2 3 Percent Per Year Then Real Chegg If real gdp grows at 7 percent per year, then real gdp will double in approximately years. a. 10 b. 7 c. 14 d. 70. Here’s the best way to solve it. if real gdp grows at 7 percent per year, then real not the question you’re looking for? post any question and get expert help quickly.
Solved If Real Gdp Grows At 7 ï Percent Per Year Then Real Chegg The required annual growth rate for a country to double its output can be calculated using the “rule of 70” formula. annual percentage rate of growth = 70 approximate number of years required to double the gdp. the required annual percentage growth for a country to double its output in 7 years is: a n n u a l p e r c e n t a g e r a t e o f. If real gdp grows at 7 percent per year, then real gdp will double in approximately years. Thus, if mexico's real gdp per person is growing at 7 percent per year, it will take about 10 years (= 70 7) to double. apply the rule of 70 to solve the following problem. real gdp per person in mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the united states. Apply the rule: for a growth rate of 7%, the calculation would be: doubling time ≈ 7 70 = 10 years. interpret the result: this means that if a nation's real gdp grows consistently at 7% each year, it will take approximately 10 years for the gdp to double in size.
Solved If The Current Growth Rate Of Real Gdp Per Person Is Chegg Thus, if mexico's real gdp per person is growing at 7 percent per year, it will take about 10 years (= 70 7) to double. apply the rule of 70 to solve the following problem. real gdp per person in mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the united states. Apply the rule: for a growth rate of 7%, the calculation would be: doubling time ≈ 7 70 = 10 years. interpret the result: this means that if a nation's real gdp grows consistently at 7% each year, it will take approximately 10 years for the gdp to double in size. To determine how long it will take for real gdp to double at a growth rate of 7% per year, we can use a rule called the rule of 70. the rule of 70 is a formula that estimates the doubling time of a variable growing at a constant percentage rate. the formula is: doubling time (in years) = \frac{70}{\text{growth rate}}. This ai generated tip is based on chegg's full solution. sign up to see more! recall the rule of 70, which states that the doubling time of an investment can be approximated by dividing 70 by the annual growth rate. Real gdp will double in approximately 10 years. the correct answer is (c) 10. we are going to use the rule of 70, which is a way to estimate the number of years it takes for a value to double at a constant annual growth rate. the formula is given by \ ( \text {years to double} = \frac {70} {\text {growth rate}} \). 1. to determine how long it takes for real gdp to unlock this solution for free.
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