The level of U.S. output in 50 years will be S trillion (Round your response to two decimal places) The level of Chinese output in 50 years will be $ trillion (Round your response to two decimal places) How many years will it take for China to have a total level of output equal to that of the United States?
The level of U.S. output in 50 years will be S trillion (Round your response to two decimal places) The level of Chinese output in 50 years will be $ trillion (Round your response to two decimal places) How many years will it take for China to have a total level of output equal to that of the United States?
Chapter8: Productivity And Growth
Section: Chapter Questions
Problem 2.4P
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Question
![Chinese economic growth is the outstanding feature of the world economic scene over the past two
decades.
In 2018, U.S. output was $20.5 trillion, and Chinese output in 2017was $13.5 trillion. Suppose that
from 2017, the output of China grows at an annual rate of 7.9% per year, whereas the output of the
United States grows from 2018 at an annual rate of 2.2% per year.
Using these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017
or 2018 over the next 50years.
The level of U.S. output in 50 years will be
The level of Chinese output in 50 years will be $
places.)
trillion (Round your response to two decimal places)
trillion (Round your response to two decimal
How many years will it take for China to have a total level of output equal to that of the United
States?
A. 4.7 years
B.
20.5 years
C. 12.6 years
D. 6.3 years](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47a71846-de5d-4130-aee0-77ddbdf0e111%2Febb5700a-1a73-40a4-b6bf-41ec83fa51b9%2F50ptmmn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Chinese economic growth is the outstanding feature of the world economic scene over the past two
decades.
In 2018, U.S. output was $20.5 trillion, and Chinese output in 2017was $13.5 trillion. Suppose that
from 2017, the output of China grows at an annual rate of 7.9% per year, whereas the output of the
United States grows from 2018 at an annual rate of 2.2% per year.
Using these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017
or 2018 over the next 50years.
The level of U.S. output in 50 years will be
The level of Chinese output in 50 years will be $
places.)
trillion (Round your response to two decimal places)
trillion (Round your response to two decimal
How many years will it take for China to have a total level of output equal to that of the United
States?
A. 4.7 years
B.
20.5 years
C. 12.6 years
D. 6.3 years
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