Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you are hired as an Economic Consultant to analyze the growth performance of two countries named Blueland and Greenica. The table provides data for

Suppose you are hired as an Economic Consultant to analyze the growth performance of two countries named Blueland and Greenica. The table provides data for the real GDP and total population of the two countries.

2014

2015

Blueland

Greenica

Blueland

Greenica

Real GDP (in billions)

350

150

360

165

Total Population (in millions)

130

51

135

53

According to the data on the table above, which of the following statements is true?

Group of answer choices

A, Blueland's real GDP growth in 2015 is higher than Greenica's

B, Greenica's real GDP growth in 2015 is higher than Blueland's

C, Blueland's real GDP growth in 2015 is identical to Greenica's

D, Blueland's and Greenica's real GDP growth rates in 2015 are both higher than 10%

2,In a country called Novaland, suppose the growth rate of real GDP is 4%. Suppose also that the total population is 30 million. How long will it take for the real GDP of Novaland to double?

Group of answer choices

A,175 years

B,17.5 years

C,7.5 years

D,750 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Markets A Property Rights Approach

Authors: Terry L Anderson, Gary D Libecap

1st Edition

0521279658, 9780521279659

More Books

Students also viewed these Economics questions