Author Question: Suppose per capita real GDP grows by 7 per year. Based on the Rule of 70, approximately how many ... (Read 73 times)

Capo · **on:** Jun 30, 2018

Suppose per capita real GDP grows by 7 per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double?

A) 7 years B) 10 years C) 4.9 years D) none of the above

Question 2

Which of the following best describes a nation's Gross Domestic Product?

A) the market value of all goods and services produced in the economy, including intermediate goods
B) the market value of all goods and services less depreciation
C) the constant dollar value of all goods produced in the economy during a year period
D) the total market value of all final goods and services produced in the economy during a year