The following table shows the GDP per capita of various countries for the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also contains the implied growth rates, which show how much on average each country needed to grow each year to reach the 2010 level of GDP per capita starting from the 1960 level of GDP per capita. Use the table to answer the
The following table shows the GDP per capita of various countries for the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also contains the implied growth rates, which show how much on average each country needed to grow each year to reach the 2010 level of GDP per capita starting from the 1960 level of GDP per capita. Use the table to answer the
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following table shows the
the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also
contains the implied growth rates, which show how much on average each
country needed to grow each year to reach the 2010 level of GDP per capita
starting from the 1960 level of GDP per capita. Use the table to answer the
following questions.
1. Why have some countries reduced the gap between their incomes and
that of the United States and other countries failed to do so?
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