Refer to the two figures on GDP per capita vs Average growth rate of GDP per capita. What are the similarities and differences between countries in these 2 countries based on Figure 1 and 2? Any catch-up effect? 2015 US Dollar7000060000500004000030000200001000001960AustraliaGDP per capita (constant 2015 USD)1980199020002010Time(Year)United States →→→→Singapore south korea1970-JapanChina2020India countriesAustraliaIndiaJapanSouth KoreaChinaSingaporeUnited Stateaverage growth rates of GDP per capita1.873.283.096.056.852

GDP per capita is a per capita income which is the ratio of country's gross domestic income and…

2015 US Dollar GDP per capita (constant 2015 USD) 1960 1970 1980 2000 1990 Time(Year) Australia Japan China -United States Singapore 70000 60000 50000 40000 30000 20000 10000 0 2010 2020 south korea India

2015 US Dollar GDP per capita (constant 2015 USD) 1960 1970 1980 2000 1990 Time(Year) Australia Japan China -United States Singapore 70000 60000 50000 40000 30000 20000 10000 0 2010 2020 south korea India

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the two figures on GDP per capita vs Average growth rate of GDP per capita. What are the similarities and differences between countries in these 2 countries based on Figure 1 and 2? Any catch-up effect?

2015 US Dollar
70000
60000
50000
40000
30000
20000
10000
0
1960
Australia
GDP per capita (constant 2015 USD)
1980
1990
2000
2010
Time(Year)
United States →→→→Singapore south korea
1970
-Japan
China
2020
India

countries
Australia
India
Japan
South Korea
China
Singapore
United State
average growth rates of GDP per capita
1.87
3.28
3.09
6.05
6.8
5
2

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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