Calculate approximately how many years it will take per capita GDP in the United States, Mexico, China, Rwanda, and Haiti to double, assuming that each country continues to grow at the same average rate as between 1960 an 2010. (Hint: Use the Rule of 70.) (Round your responses to one decimal place. Enter "−1" if a country will never double its GDP.) Implied (Average) Annual Growth (%) Years to Double United States 2.00 ? Mexico 1.79 ? China 4.72 ? Rwanda 0.60 ? Haiti −0.14 ? If the United States, Mexico, China, Rwanda, and Haiti continue to grow at the rates given in the exhibit, how many years (starting from 2010) would it take each to catch up to the United States in terms of per capita GDP? (Hint: If a country's GDP per capita is growing at a constant rate, g, then the natural log of GDP per capita t years into the future is: ln y(t) = ln y(0) + gt, where y(0) is GDP per capita in the initial year.) (Round your responses to one decimal place. Enter "−1" if a country will never catch up to the United States.) Implied (Average) Annual Growth (%) GDP per Capita (2010) Years to Catch Up United States 2.00 41,365 — Mexico 1.79 11,939 ? China 4.72 7,746 ? Rwanda 0.60 1,025 ? Haiti −0.14 1,410 ?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 25CTQ: Cross country comparisons of GDP per capita typically use purchasing power parity equivalent...

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Calculate approximately how many years it will take per capita GDP in the United States, Mexico, China, Rwanda, and Haiti to double, assuming that each country continues to grow at the same average rate as between

1960 an 2010.

(Hint: Use the

Rule of 70.) (Round your responses to one decimal place. Enter "−1" if a country will never double its GDP.)

	Implied (Average) Annual Growth (%)	Years to Double
United States	2.00	?
Mexico	1.79	?
China	4.72	?
Rwanda	0.60	?
Haiti	−0.14	?

If the United States, Mexico, China, Rwanda, and Haiti continue to grow at the rates given in the exhibit, how many years (starting from 2010)
would it take each to catch up to the United States in terms of per capita GDP?

(Hint: If a country's GDP per capita is growing at a constant rate, g,

then the natural log of GDP per capita t years into the future is: ln y(t) = ln y(0) + gt, where y(0) is GDP per capita in the initial year.) (Round your responses to one decimal place. Enter "−1" if a country will never catch up to the United States.)

	Implied (Average) Annual Growth (%)	GDP per Capita (2010)	Years to Catch Up
United States	2.00	41,365	—
Mexico	1.79	11,939	?
China	4.72	7,746	?
Rwanda	0.60	1,025	?
Haiti	−0.14	1,410	?

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