7 Economic Growth

7.1 A Brief history of the world

Review Activities

Practice Problems

No practice problems for this section.

External Resources

No external resources for this section.

7.2 Ingredients for economic growth

Review Activities

Practice Problems

Problem 7.2.1: The real GDP per capita of a country is $5,000. If the economy is growing at a rate of 4% per year, approximately how long until their GDP per capita reaches $10,000? $20,000? $40,000?

Answers: 18 years, 36 years, 54 years

Solution video coming soon

Problem 7.2.2: An economy is growing at a rate of 6% per year. How long will it take for the GDP to double? If we want to achieve a doubling in 9 years, what growth rate would be required?

Answers: 12 years, 8%

Solution video coming soon

External Resources

Khan Academy: Economic Growth through Investment

Khan Academy: Compound Interest Introduction

7.3 Economic Convergence

Review Activities

Practice Problems

No practice problems for this section.

External Resources

Khan Academy: Convergence on a Macro Scale