Chapter 15, Problem 9P

To determine

How the given countries have converged economically.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or the gross market value of all finished goods and services produced by resident and non-resident people of the country that is within borders of the country in an accounting year.

Convergence: It is an economic hypothesis that says; in the long every economy converges to the same level of real GDP per capita. It is because poorer countries grow at higher rate than richer countries. As a result, they converge in the long run.