Question 17: Recall the discussion that we had in class about growth and the discrete equation of growth. As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, n terms of GDP@ER', the US economy is still running ahead of China's economy (with it being almost 520.5T dollars for the US vs. $13.5T dollars for China’s economy in 2018). According to the IMF Forecasts, we can expect that the US GDP@ER will grow annually at the rate of 2.5% on average and hat of China will grow annually at the rate of 6.5% on average in the next three decades. Please use the liscrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of GDP@ER.

Question 17: Recall the discussion that we had in class about growth and the discrete equation of growth. As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, n terms of GDP@ER', the US economy is still running ahead of China's economy (with it being almost 520.5T dollars for the US vs. $13.5T dollars for China’s economy in 2018). According to the IMF Forecasts, we can expect that the US GDP@ER will grow annually at the rate of 2.5% on average and hat of China will grow annually at the rate of 6.5% on average in the next three decades. Please use the liscrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of GDP@ER.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions

Section: Chapter Questions

Problem 2WNG

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