Question

Assume real per capita GDP in West Swimsuit is $6000 while in South Darlinia it is...

Assume real per capita GDP in West Swimsuit is $6000 while in South Darlinia it is $1500. The annual growth rate in West Swimsuit is 2.33%, while in South Darlinia it is 7%. How many years will it take for South Darlinia to catch up to the real per capita GDP of West Swimsuit?

a. about 10

b. about 30

c. about 40

d. about 120

e. South Darlina will never be able to catch up with West Swimsuit

PART 2

What will the income of the two countries be when it is equal?
$________

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1 ) North Dakota's GDP per capita is $65,000, while South Dakota's GDP per capita is...
1 ) North Dakota's GDP per capita is $65,000, while South Dakota's GDP per capita is $48,000. Advances in technology increase North Dakota's GDP per capita over the following decade to $78,000. If South Dakota benefits in the same way from those technologies, what will South Dakota's GDP per capita be after a decade? A) $57,600 B) $61,000 C) $65,000 D) $78,000 2 ) According to Malthus, when the standard of living in any economy is above subsistence, ________. A)...
How much does real GDP per capita need to increase in South Korea in 2011 to...
How much does real GDP per capita need to increase in South Korea in 2011 to achieve a growth rate consistent with its 60 year average (1950-2010)? Round your answer to the nearest dollar South Korea Real Per Capita GDP 1950 $1293 2010 $32,855
What will happen to the annual rate of growth of per capita real GDP if the...
What will happen to the annual rate of growth of per capita real GDP if the annual rate of population growth increases and the annual rate of growth of real GDP goes​ down? A. The effect will depend upon whether the rate of population growth is greater than or less than the rate of growth of real GDP. B. It will increase since the annual rate of growth of real GDP does not influence the growth rate of per capita...
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP...
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP $8.4 trillion $8.0 trillion Population 202 million 200 million GDP per Capita $ $ Formulas you could use: Growth Rate in percentage = (Current year value – previous year value)/ previous year GDP per Capita = Real GDP/population (Ch6 Section 6.4) Future value = Present value x (1 + growth rate)^number of years (Ch7 Section 7.2) Rule of 72: 72/growth rate = number of...
The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its...
The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its growth rate for the country groups (column 2) defined by GDP levels (High-income, Middle-income and Low-income). They are all expressed as real (constant) GDP. A B C Country group GDP per capita (Year 2010) Average annual growth rate of real GDP per capita (Year 2000-2010) GDP per capita (Year 2088) High-income 38,293 0.9% 77024.76 Middle-income 3,980 4.8% 154192.5 Low-income 507 3.0% 5085.24 Throughout this...
1. In 1999, real GDP per capita in the US was $43,820 (2012 dollars). In 2018,...
1. In 1999, real GDP per capita in the US was $43,820 (2012 dollars). In 2018, real GDP per capita was $56,803. (a) What was the annual growth rate of real GDP per capita from 1999 to 2018. (b) Suppose when you graduate, you get a good job and your income is equal to GDP per capita. Also suppose your income grows at exactly the same rate as the growth rate in GDP per capita each year that you work....
Between 2000 and 2009, real output per person in the emerging world grew at an average...
Between 2000 and 2009, real output per person in the emerging world grew at an average annual rate of 7.6%, 4.5 percentage points higher than the rate seen in rich countries. As a result, the gap between the developed and developing worlds narrowed quickly over the period. Since 2009, growth rates in the developing world have dropped and were only 1.1 percentage points higher than developed countries in 2013. Projections for 2014 put growth in developing countries just 0.39 percentage...
Economists tend to focus on real GDP per capita as their primary way of comparing living...
Economists tend to focus on real GDP per capita as their primary way of comparing living standards among countries. But they are also aware that real GDP per capita does not capture many factors that affect the quality of life. Go to the CIA World Factbook's rank-order page at go to https://www.cia.gov/ (Links to an external site.)Links to an external site., select Library, Publications, The World Fact Book, and Guide to Country Comparisons. Scroll down to the People section. Click...
This question is an application of Rule of 72. Consider a country for which GDP per...
This question is an application of Rule of 72. Consider a country for which GDP per capital doubles every 50 years. Calculate the annual growth rate for this country. Consider another country for which GDP per capita doubles every 25 years. Calculate the annual growth rate for the second country. Given everything else constant, calculate in how many years catch up effect will occur between the two countries when initially, the first country’s GDP per capita is 4 times that...
The following GDP per capita values are all measured in PPP adjusted international dollars, using constant...
The following GDP per capita values are all measured in PPP adjusted international dollars, using constant prices. In 2010, U.S. GDP per capita was $49,412 and in 2017 it was $54,347. Chinese GDP per capita was $9,443 in 2010 and $15,175 in 2017. a. Calculate the average growth rate of GDP per capita for both countries between 2010 and 2017, assuming discrete growth! b. Assume that both countries continue to grow at the same speed as you calculated in the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT