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Chapter 9: Q. 16 (page 211)

Based on data in Table 9-1and the rule of 70, if India's per capita real GDP continues to grow at the average rate it has experienced since 1990, about how many years will be required for it to double?

Short Answer

Expert verified

15.55years will be required for it to double.

Step by step solution

01

Definition

The rule of 70 could be a way of estimating the time it takes to double variety supported its rate of growth. It can even be remarked as doubling time. The rule of70 calculation uses a specified rate of return to work out what number years it'll hold an amount鈥攐r a selected investment鈥攖o double.

02

Rule 70

Rule of 70= Time taken to double = =70/growth rate

=70/4.5

=15.55

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Most popular questions from this chapter

A nation's capital goods wear out over time, so a portion of its capital goods become unusable every year. Last year, its residents decided to produce no capital goods. It has experienced no growth in its population or in the amounts of other productive resources during the past year. In addition, the nation's technology and resource productivity have remained unchanged during the past year. Will the nation's economic growth rate for the current year be negative, zero, or positive?

A nation's per capita real GDP was$2,000 in 2017, and the nation's population was5 million in that year. Between 2017 and 2018, the inflation rate in this country was role="math" localid="1651519423079" 5 percent, and the nation's annual rate of economic growth was 10 percent. Its population remained unchanged. What was per capita real GDP in 2018? What was the level of real GDP in2018?

Suppose that during the next 10years, real GDP triples and population doubles in each of the nations in Problem 9-4.What will per capita real GDP be in each country after 10years have passed?

In the situation described in Problem 9-2, suppose that vocational training during the past year enables the people of this nation to repair all capital goods so that they continue to function as well as new. All other factors are unchanged, however. In light of this single change to the conditions faced in this nation, will the nation's economic growth rate for the current year be negative, zero, or positive?

Why do you suppose that nations with higher degrees of measured distrust of strangers tend to observe lower rates of economic growth, other things being equal?
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