a. Calculate the following ratios of real GDP per capita in 2000. i. Country B to Country A ii. Country C to Country A iii. Country C to Country B b. Using the rule of 70, figure out how many years it will take each country to double their real GDP per capita. Round to one decimal point if needed. c. Calculate the real GDP per capita of each country in year 2140. d. Repeat part (a) for year 2140 using the results from part (c). e. Compare your results from parts (a) and (d) and discuss if this example supports the convergence hypothesis.

a. Calculate the following ratios of real GDP per capita in 2000. i. Country B to Country A ii. Country C to Country A iii. Country C to Country B b. Using the rule of 70, figure out how many years it will take each country to double their real GDP per capita. Round to one decimal point if needed. c. Calculate the real GDP per capita of each country in year 2140. d. Repeat part (a) for year 2140 using the results from part (c). e. Compare your results from parts (a) and (d) and discuss if this example supports the convergence hypothesis.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Hand written solutions are strictly prohibited.
The Rule of 72 Small differences in annual growth rates cumulate into large differences in GDP. Shown here are the number of years it would take to double GDP at various growth rates. Doubling times can be approximated by the rule of 72. Seventy-two divided by the growth rate equals the number of years it takes to double. Growth Rate Doubling Time (percent) (years) 0.0 Never 0.5 144.0 1.0 72.0 48.0 36.0 28.8 20.6 20.6 18.0 16.0 14.4 13.1 12.0 11.1 10.3 9.6 9.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 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? b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? years years
Suppose a country a real GDP of $175. What will the size of the GDP be after 13 years if the economy grows by 2.6% each year? Round your answer to two digits after the decimal without the dollar sign.
In 2017, Country A had a GDP per capita of $8,500 and a population of 68.6 million people. In 2018, total GDP increased by 6.8%, and population growth was 0.9%. What was the GDP per capita in 2018? If necessary, round any intermediate calculations and your final answer to two decimal places.
Brazil’s real GDP was 1,520 trillion reais in 2011 and 1,585 trillion reais in 2012. Brazil’s population was 195 million in 2011 and 196.5 million in 2012. Calculate a. The growth rate of real GDP b. The growth rate of real GDP per person c. The approximate number of years it takes for real GDP per person to double when the real GDP growth rate and the population growth rate are maintained.
Using the rule of 70 and assuming real GDP per capita increases at 4% per year, how many years will it take Boblandia's real GDP to increase from 10 to 80? Answer in number of years, rounded to two decimal places. If you calculate 6.125 years, enter 6.13.
Please see photos for tables and questions to be answered !
We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries: a) human capital per worker b) productivity c) inflation rates d) physical capital per worker
We measure standards of living using GDP per capita. Using the production function, which of the following factors does NOT help to explain differences in GDP per capita between countries: human capital per worker productivity inflation rates physical capital per worker
If 150 million workers produced Americas GDPin 2015, using the bar graph, how much output did the average worker produce?
In 1960 GDP per capita in the Republic of Korea (constant 2015 US$) was $1027. In 2021 it was $32731. Calculate the growth rate of real GDP per capita in the Republic of Korea over this period. Now suppose that the Republic of Korea grows at the same rate for the 70 years following 2021. What will the Republic of Korea real GDP per capitae in the year 2091? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.