The Real GDP Per Capita in an Economy Increases at a Rate

question 128

Essay

The real GDP per capita in an economy increases at a rate of 2.6 percent. Calculate the number of years that it takes for real GDP to double. Assuming that the current GDP per capita is $40,000 and the growth rate will be on average 2.6 percent, how much will GDP per capita be after 10 years? After 20 years? After 30 years? Draw a graph to show approximately the evolution of this economy for the next 30 years.

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Definitions:

Caffeine

A stimulant found in coffee, tea, chocolate, and some medications, known for its ability to enhance alertness and reduce feelings of fatigue.

Drug Misuse

The inappropriate or unsafe use of drugs, including prescription medication, over-the-counter drugs, alcohol, and illicit substances.

American Adults

Typically refers to individuals aged 18 and over living in the United States, often studied in various contexts such as health, economy, and society.

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A characteristic of substances or behaviors that can lead to a compulsive need for and use of a habit-forming substance or activity.