If the growth rate of real GDP rises from 3% to 4% per year, then the number of years required to double real GDP will decrease from
A) 11.2 years to 10.8 years. B) 23.3 years to 17.5 years.
C) 28.0 years to 21.0 years. D) 23.3 years to 20.6 years.
Table 21-1
Year Real GDP (billions of 2000 dollars)
2013 $8,700
2014 8,875
2015 9,000
2016 9,280
B
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During the 1990s, Canada had an average inflation rate of 1.5 percent while Columbia had an average inflation rate of 21.5 percent. You would expect that nominal interest rates in Canada are
A) unpredictably different from nominal interest rates in Columbia. B) greater than nominal interest rates in Columbia. C) less than nominal interest rates in Columbia. D) not comparable to nominal interest rates in Columbia. E) equal to nominal interest rates in Columbia.