The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars).1. Identify the countries that experienced catch-up growth from 1920 to2010. Averagegrowth(1820-2010)1.65Averagegrowth(1920-2010)1.91Countr18201870 192019702010yUnited$1,873 $3,365 $7,641 $20,684 $41,961StatespercentpercentUnited1.291.85Kingdo $2,854 $4,390 $6,259 $14,817 $32,722percentpercentm1.373.02China$826$729 $760 $1,071 $11,054percent1.33percent1.62Mexico $863$896 $2,509 $5,945 $10,619percentpercent

The catch up growth is also known as theory of convergence . According to this theory , the poor or…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following table shows the GDP per capita since 1820 in selected
countries (in PPP-adjusted 2005 dollars).

1. Identify the countries that experienced catch-up growth from 1920 to
2010.

Average
growth
(1820-
2010)
1.65
Average
growth
(1920-
2010)
1.91
Countr
1820
1870 1920
1970
2010
y
United
$1,873 $3,365 $7,641 $20,684 $41,961
States
percent
percent
United
1.29
1.85
Kingdo $2,854 $4,390 $6,259 $14,817 $32,722
percent
percent
m
1.37
3.02
China
$826
$729 $760 $1,071 $11,054
percent
1.33
percent
1.62
Mexico $863
$896 $2,509 $5,945 $10,619
percent
percent

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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