Question

China's output grew at an amazing rate of 8 percent per year from 2010 to 2014. a. At that rate how long would it take for China's GDP to double? 9.0 years b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? 13.3 years Hint: Per capita GDP growth is equal to GDP growth minus population growth.

Answer 1

a. 12.5 years

b. 13.5 years

Step-by-step explanation:

China's output grew at an amazing rate of 8 percent per year from 2010 to 2014. At that rate how long would it take for China's GDP to double?

That will be derived by 100% / 8% = 12.5 years

b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? 13.3 years Hint: Per capita GDP growth is equal to GDP growth minus population growth.

That will be derived by 100% / (8% - 0.6%) = 13.5 years