If real GDP is 100 in year 1, and grows at a rate of 3 percent per year for 9 years, what will real GDP be in 9 years?

What will be an ideal response?

GDP [9 years later] = (1 + .03)9(100) = 130.48

Economics

You might also like to view...

Is a coordination failure a type of market failure? Explain

What will be an ideal response?

Economics

_________ are defined as quantitative and/or qualitative criteria that reconcile resources with demands and serve as measures of values and goals

a. Attitudes b. Mid-level processes c. Standards d. 5-S principles

Economics