Question

Calculate China’s RGDP growth rate in 2006, the growth rate of real GDP per person in 2006 (using the approximation formula), and the approximate number of years it will take for real GDP per person in China to double if the 2006 economic growth and population growth rates are maintained.
China’s RGDP growth rate in 2006 was _______ percent. Round up your answer to the first decimal. China’s growth rate of real GDP per person in 2006 (using the approximation formula) was ______ percent. Round up your answer to the first decimal.


It will take China approximately _______ years to double its real GDP per person. Round up your answer to a full number (no decimals).

Answer 1

Answer:

China’s RGDP growth rate in 2006 was 8.2% percent. Round up your answer to the first decimal. China’s growth rate of real GDP per person in 2006 (using the approximation formula) was 7.7% percent. Round up your answer to the first decimal.

It will take China approximately 9 years to double its real GDP per person. Round up your answer to a full number (no decimals).

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

In 2005 China's RGDP was 7,394 billion yuan. In 2006 its RGDP was about 8,000 billion yuan. China's population was 1,306.6 million in 2005 and 1,313.1 million in 2006.

Calculate China's RGDP growth rate in 2006, the growth rate of real GDP per person in 2006 (using the approximation formula), and the approximate number of years it will take for real GDP per person in China to double if the 2006 economic growth and population growth rates are maintained.

China's RGDP growth rate in 2006 was _______ percent. Round up your answer to the first decimal. China's growth rate of real GDP per person in 2006 (using the approximation formula) was ______ percent. Round up your answer to the first decimal.

It will take China approximately _______ years to double its real GDP per person. Round up your answer to a full number (no decimals).

The explanation to the answer is now given as follows:

a. Calculate China’s RGDP growth rate in 2006. Round up your answer to the first decimal.

This can be calculated using the following formula:

China’s RGDP growth rate = (2006 RGDP - 2005 RGDP) / 2005 RGDP = (8,000 - 7,394) / 7,394 = 0.0820, or 8.2%

b. Calculate the growth rate of real GDP per person in 2006. Round up your answer to the first decimal.

This can be calculated using the following formula:

China’s RGDP per person growth rate = (2006 RGDP per person - 2005 RGDP per person) / 2005 RGDP per person ............... (1)

Where;

2006 RGDP per person = 2006 RGDP / 2006 population = 8,000 / 1,313.1 = 6.09245297387861 billion yuan

2005 RGDP per person = 2005 RGDP / 2005 population = 7,394 / 1,306.6 = 5.65896219194857 billion yuan

Substituting the values into equation (1) above, we have:

China’s RGDP per person growth rate = (6.09245297387861 - 5.65896219194857) / 5.65896219194857 = 0.077, or 7.7%

c. The approximate number of years it will take for real GDP per person in China to double if the 2006 economic growth and population growth rates are maintained. Round up your answer to a full number (no decimals).

To calculate this, the rule of 70 is used as follows:

Number of years for Real GDP per person to double = 70 / China’s RGDP per person growth rate = 70 / 7.7 = 9 years