51. Suppose per capita GDP in a richer country is growing at a faster annual rate than in a poorer country. An implication of this difference in growth rates is that the gap between their standards of living will close over time as long as the rate of population growth is higher in the poorer country. whether the gap in living standards widens or closes over time depends on the absolute size of the relative growth rates. the gap between their standards of living will widen over time. the gap between their standards of living will close over time. the difference in their living standards will not change over time.

We are going to study the relationship between per capita GDP and the growth rate of countries.

Answered: Suppose per capita GDP in a richer…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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51. Suppose per capita GDP in a richer country is growing at a faster annual rate than in a poorer country. An implication of this difference in growth rates is that

		the gap between their standards of living will close over time as long as the rate of population growth is higher in the poorer country.
		whether the gap in living standards widens or closes over time depends on the absolute size of the relative growth rates.
		the gap between their standards of living will widen over time.
		the gap between their standards of living will close over time.
		the difference in their living standards will not change over time.

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