During 2005, real GDP in Ireland grew 9.8 percent. If Ireland maintains this level of growth in the future, real GDP will double in approximately how many years?
What will be an ideal response?
With an annual growth rate of 9.8 percent, the Rule of 70 shows that Ireland's real GDP will double in approximately 70 รท 9.8 = 7.1 years.
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The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points B and C equals
A) 16. B) 8. C) 4. D) 2. E) 14.
If supply increases and demand decreases, then equilibrium price will fall
a. True b. False
Which of the following was a contributing factor to the instability of 2002 to 2008?
a. ideal weather from 2002 to 2006, followed by a severe drought in 2007 and 2008 b. falling housing prices leading to an expansion, followed by rising housing prices leading to a sharp economic downturn c. an increase in housing prices leading to an expansion, followed by a collapse in housing prices and a sharp economic downturn d. falling stock prices leading to an expansion, followed by rising stock prices leading to a sharp economic downturn
The revealed preference approach refers to:
A. asking consumer to reveal their preferences using survey methods. B. estimating demand curves by using data on individual consumers. C. a statistical method used to estimate demand curves. D. a method of gathering information about consumer's preferences by observing their actual choices.