Suppose that real GDP per person in Panama in 2017 was about $15,000 per person, while it was about $60,000 per person in the United States. If real GDP per person in Panama grows at the rate of 4 percent per year, about how long will it take Panama's real GDP per person to reach the level that the United States was at in 2017? (Hint: How many times would Panama's 2017 real GDP per person have to double to reach the United States' 2017 real GDP per person?)

Suppose that real GDP per person in Panama in 2017 was about $15,000 per person, while it was about $60,000 per person in the United States. If real GDP per person in Panama grows at the rate of 4 percent per year, about how long will it take Panama's real GDP per person to reach the level that the United States was at in 2017? (Hint: How many times would Panama's 2017 real GDP per person have to double to reach the United States' 2017 real GDP per person?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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