Suppose that India is currently growing at a rate of 14% per year and is producing real GDP per capita equal to $7,000, whereas the United States is currently growing at a rate of 5% per year and is producing real GDP per capita equal to $28,000. a) How long will it take India to double its real GDP per capita? b) How long will it take the United States to double its real GDP per capita? c) How much will India's real GDP per capita be in 20 years? d) How much will the USA's real GDP per capita be in 14 years?

Suppose that India is currently growing at a rate of 14% per year and is producing real GDP per capita equal to $7,000, whereas the United States is currently growing at a rate of 5% per year and is producing real GDP per capita equal to $28,000. a) How long will it take India to double its real GDP per capita? b) How long will it take the United States to double its real GDP per capita? c) How much will India's real GDP per capita be in 20 years? d) How much will the USA's real GDP per capita be in 14 years?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 3E

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