The text makes numerous cross-country comparisons, but that does not mean that we have to restrict our analysis to countries. Consider the per capital real GDP data for six U.S. states between 1997 and 2018. California West Virginia New York Texas Colorado Ohio 1997 42,792 32,627 53,846 45,091 47,335 42,086 2008 67,698 39,495 73,531 58,417 59,057 51,456 What is the difference in terms of average growth rate between the fastest growing state and the slowest growing state? Please answer with one significant figure after the dot.
The text makes numerous cross-country comparisons, but that does not mean that we have to restrict our analysis to countries. Consider the per capital real GDP data for six U.S. states between 1997 and 2018. California West Virginia New York Texas Colorado Ohio 1997 42,792 32,627 53,846 45,091 47,335 42,086 2008 67,698 39,495 73,531 58,417 59,057 51,456 What is the difference in terms of average growth rate between the fastest growing state and the slowest growing state? Please answer with one significant figure after the dot.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economics
Transcribed Image Text:The text makes numerous cross-country comparisons, but that does not mean that we have to restrict our analysis to countries. Consider the per capital real GDP
data for six U.S. states between 1997 and 2018.
California
West Virginia
New York
Texas
Colorado
Ohio
1997
42,792
32,627
53,846
45,091
47,335
42,086
2008
67,698
39,495
73,531
58,417
59,057
51,456
What is the difference in terms of average growth rate between the fastest growing state and the slowest growing state? Please answer with one significant figure
after the dot.
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