chapter 8 problem 3

elvironment 1. Natural resou over time. PROBLEMS If the econom period, what growth? If, in the 10-year po production cap 5. Suppose that 1. 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? L08.1 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? LO8.1 3. Assume that a "leader country" has real GDP per capita of $40,000, whereas a follower country" has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 7 percent in the follower country. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country? L08.2 4. Refer to Figure 8.2 and assume that the values for points a, b, and c are $10 billion, $20 billion, and $18 billion, respectively. productivity is GDP? If worl rises to $10 growth? LO 6. The per-unit cost/quantity $100,000 to cell phone c plication if LO8.5