Reading Reading 14: Economic Growth- LOS a ～ Q1-3 class, black, style, growing, white

mayanfang1

Q1. If nominal GDP in the US is growing at 5% a year, and inflation is 2%, approximately how many years will it take for real GDP to double? (use the rule of 70 and assume population growth is 0.)

A)   14.0 years.

B)   23.3 years.

C)   10.0 years.

Q2. If real GDP in China is growing at 5% a year, and inflation is 2%, approximately how many years will it take for real GDP to double? (use the rule of 70 and assume population growth is 0.)

A)   14.0 years.

B)   10.0 years.

C)   23.3 years.

Q3. In 2007, the real GDP in Northwest Island is 4 times that of Southeast Island. If real GDP in Southeast Island is growing at 10% a year, and real GDP in Northwest Island is growing at 3.5% a year, approximately how many years will it take for real GDP in the 2 islands to match? (use the rule of 70 and assume population growth is 0.)

A)   24.5 years.

B)   40.0 years.

C)   14.0 years.

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