Answered: The following table shows real GDP per…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....

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The following table shows real GDP per capita for Canada, Taiwan, and Chad between 1970 and 2000. All figures are in 1998 U.S. dollars.

Fill in the blank then choose an option(s).

Those who don’t believe in the theory of convergence point to countries such as ___________ (options: Canada, Taiwan, Chad).

hich of the following statements can explain why the theory of convergence may not always hold? Check all that apply.

A. Convergence theory applies only to small countries.

B. Rich countries actively try to keep poor countries poor through economic and military policies.

C. Many poor countries have much less human capital than rich countries.

The growth experience of Taiwan illustrates that relatively poor countries can __________ (options: be invaded by, grow more quickly than, always be much poorer than, grow more slowly than) rich countries.

The following table shows real GDP per capita for Canada, Taiwan, and Chad between 1970 and 2000. All figures are in 1998 U.S. dollars.
Canada
Taiwan
Chad
Real GDP per Capita Growth Rate
Real GDP per Capita
Growth Rate
Real GDP per Capita
Growth Rate
Year
1970
$12,717
$2,319
$228
1980
$16,731
$4,483
%
$150
%
32%
$19,540
$8,431
%
$188
%
1990
17%
$23,156
$14,504
%
$167
%
2000
19%
Source: Organisation for Economic Cooperation and Development (OECD)
The (decade-long) economic growth rate for Canada is shown in the second column. For example, from 1970 to 1980, Canada GDP grew from $12,717
$16,731–$12,717
$12,717
= 32%.
to $16,731, an increase of
Use this method to fill in the growth rates for Taiwan and Chad in the previous table. Enter the growth rates to the nearest whole percentage
point.

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