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Suppose for the country of Dunlap-ville, we have the following information: Inflation rate = -2% Unemployment rate = 10% Population growth rate = 0
Suppose for the country of Dunlap-ville, we have the following information:
Inflation rate = -2%
Unemployment rate = 10%
Population growth rate = 0.75% per year
Real GDP growth rate = 2% per year
How long would it take for the country to double its real GDP per capita?
Expert Solution
Computation of Number of Years to double the real GDP per Capita:
Number of Years to double the real GDP per Capita = 70 / Annual Growth Rate
= 70 / 2%
= 3,500 Years
So, Number of Years to double the real GDP per Capita are 3,500 years.
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