Question

3. Growth experiences Small differences in the rate of economic growth can lead to large differences in living standards. Consider two countries: Fritolaysia and Khandibar. Currently, real GDP per person (average income) is $60,000 in Fritolaysia and $15,000 in Khandibar. Suppose you want to project what the real GDP per person will be in each country 100 years from now. The following formula shows how to compute the average income in n years, where g represents the growth rate of real GDP per person (in decimal form—that is, 1.4% is entered as 0.014): Average Income in n Years = Current Average Income × (1 + g)? Use the growth formula to find the correct amounts to select to fill in the following table. Growth Rate (Percent) Average Income after 100 Years (Dollars) Fritolaysia Khandibar 1.4 1.6 4 4.2 Suppose Fritolaysia is expected to grow at 1.6% for the next 100 years. Which of the following growth rates in Khandibar would cause the average income in Khandibar to exceed the average income in Fritolaysia in 100 years? Check all that apply. 1.4% 1.6% 4.0% 4.2%

          3. Growth experiences
Small differences in the rate of economic growth can lead to large differences in living standards. Consider two countries: Fritolaysia and Khandibar.
Currently, real GDP per person (average income) is $60,000 in Fritolaysia and $15,000 in Khandibar.
Suppose you want to project what the real GDP per person will be in each country 100 years from now. The following formula shows how to compute
the average income in n years, where g represents the growth rate of real GDP per person (in decimal form—that is, 1.4% is entered as 0.014):
Average Income in n Years = Current Average Income × (1 + g)?
Use the growth formula to find the correct amounts to select to fill in the following table.
Growth Rate
(Percent)
Average Income after 100 Years
(Dollars)
Fritolaysia
Khandibar
1.4
1.6
4
4.2
Suppose Fritolaysia is expected to grow at 1.6% for the next 100 years. Which of the following growth rates in Khandibar would cause the average
income in Khandibar to exceed the average income in Fritolaysia in 100 years? Check all that apply.
1.4%
1.6%
4.0%
4.2%

3. Growth experiences
Small differences in the rate of economic growth can lead to large differences in living standards. Consider two countries: Fritolaysia and Khandibar.
Currently, real GDP per person (average income) is 60,000 in Fritolaysia and15,000 in Khandibar.
Suppose you want to project what the real GDP per person will be in each country 100 years from now. The following formula shows how to compute
the average income in n years, where g represents the growth rate of real GDP per person (in decimal form—that is, 1.4% is entered as 0.014):
Average Income in n Years = Current Average Income × (1 + g)?
Use the growth formula to find the correct amounts to select to fill in the following table.
Growth Rate
(Percent)
Average Income after 100 Years
(Dollars)
Fritolaysia
Khandibar
1.4
1.6
4
4.2
Suppose Fritolaysia is expected to grow at 1.6% for the next 100 years. Which of the following growth rates in Khandibar would cause the average
income in Khandibar to exceed the average income in Fritolaysia in 100 years? Check all that apply.
1.4%
1.6%
4.0%
4.2%

Added by Jose Luis C.

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