5. Over the next year annual rate of 2.0%. In Sloland, however, growth is expected to be somewhat slower, at an average annual growth rate of 1.5%. If both countries have a real GDP per capita today of $20,000, how will their real GDP per capita differ in 100 years? Round all answers to wo places after the decimal point. Groland's real per capita GDP will be $ in 100 years. Sloland's real per capita GDP will be $ in 100 years. In 100 years, Sloland's real per capita GDP will be 61.18 % of Groland's.
5. Over the next year annual rate of 2.0%. In Sloland, however, growth is expected to be somewhat slower, at an average annual growth rate of 1.5%. If both countries have a real GDP per capita today of $20,000, how will their real GDP per capita differ in 100 years? Round all answers to wo places after the decimal point. Groland's real per capita GDP will be $ in 100 years. Sloland's real per capita GDP will be $ in 100 years. In 100 years, Sloland's real per capita GDP will be 61.18 % of Groland's.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Long-run Economic Growth - End of Chapter Problems
8. Over the next 100 years, real GDP per capita in Groland is expected to grow at an average annual rate of 2.0%. In
Sloland, however, growth is expected to be somewhat slower, at an average annual growth rate of 1.5%. If both countries
have a real GDP per capita today of $20,000, how will their real GDP per capita differ in 100 years? Round all answers to
two places after the decimal point.
Groland's real per capita GDP will be $|
in 100 years.
Sloland's real per capita GDP will be $
in 100 years.
In 100
years,
Sloland's real
per capita GDP will be
61.18
% of Groland's.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46d592aa-b7a5-4caa-bc9f-d2026d213366%2F76c92823-07a2-44cf-9692-a1c330111b93%2Ful3wev4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Long-run Economic Growth - End of Chapter Problems
8. Over the next 100 years, real GDP per capita in Groland is expected to grow at an average annual rate of 2.0%. In
Sloland, however, growth is expected to be somewhat slower, at an average annual growth rate of 1.5%. If both countries
have a real GDP per capita today of $20,000, how will their real GDP per capita differ in 100 years? Round all answers to
two places after the decimal point.
Groland's real per capita GDP will be $|
in 100 years.
Sloland's real per capita GDP will be $
in 100 years.
In 100
years,
Sloland's real
per capita GDP will be
61.18
% of Groland's.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education