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that in 1965 Japan had an initial per capita GDP of $12,000 per year and China had an initial per capita GDP of $5,000. Suppose China grew at a constant 5 percent per year and Japan grew at a constant 3 percent per year. ________ would have been richer in 2016 with a per capita GDP of approximately ________.   A. Japan; $5,000   B. Japan; $31,500   C. China; $7,500   D. China; $60,023   E. Not enough information is given.

that in 1965 Japan had an initial per capita GDP of $12,000 per year and China had an initial per capita GDP of $5,000. Suppose China grew at a constant 5 percent per year and Japan grew at a constant 3 percent per year. ________ would have been richer in 2016 with a per capita GDP of approximately ________.   A. Japan; $5,000   B. Japan; $31,500   C. China; $7,500   D. China; $60,023   E. Not enough information is given.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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  1. Suppose that in 1965 Japan had an initial per capita GDP of $12,000 per year and China had an initial per capita GDP of $5,000. Suppose China grew at a constant 5 percent per year and Japan grew at a constant 3 percent per year. ________ would have been richer in 2016 with a per capita GDP of approximately ________.

      A.

    Japan; $5,000
      B.

    Japan; $31,500
      C.

    China; $7,500
      D.

    China; $60,023
      E.

    Not enough information is given.
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