that in 1965 Japan had an initial per capita GDP of $12,000 per year and China had an initial per capita GDP of $5,000. Suppose China grew at a constant 5 percent per year and Japan grew at a constant 3 percent per year. ________ would have been richer in 2016 with a per capita GDP of approximately ________. A. Japan; $5,000 B. Japan; $31,500 C. China; $7,500 D. China; $60,023 E. Not enough information is given.

that in 1965 Japan had an initial per capita GDP of $12,000 per year and China had an initial per capita GDP of $5,000. Suppose China grew at a constant 5 percent per year and Japan grew at a constant 3 percent per year. would have been richer in 2016 with a per capita GDP of approximately . A. Japan; $5,000 B. Japan; $31,500 C. China; $7,500 D. China; $60,023 E. Not enough information is given.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter21: Economic Development

Section: Chapter Questions

Problem 1.1P

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