The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Chapter 12, Problem 5P

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The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Fill in the blank Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000. How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP? India's per-capita GDP must double ________________________ times. Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate.

Fill in the third blank. Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000. How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP? India's per-capita GDP must double __________ times. Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate. Doubling time: ______________________ years How many years will it take for India to reach Italy’s current level of GDP per capita? It will take ________________ years for India to reach Italy's current level of GDP per capita.

Fill in the second blank. Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000. How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP? India's per-capita GDP must double __________ times. Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate. Doubling time: ______________________ years

Answer 2

Question

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Answer 3

Question

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Answer 4

Question

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Answer 5

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

Answer 6

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

Answer 7

Chapter 12, Problem 5P

To determine

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 12 - Prob. 1P Ch. 12 - Prob. 2P Ch. 12 - Prob. 3P Ch. 12 - Prob. 4P Ch. 12 - Prob. 5P Ch. 12 - Prob. 6P Ch. 12 - Prob. 7P Ch. 12 - Prob. 8P Ch. 12 - Prob. 9P Ch. 12 - Prob. 10P

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

Solution Summary: The author explains that there can be differences between the standard of living between two countries over time as a result of divergent growth rates.

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Chapter 12 Solutions

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

Solution Summary: The author explains that there can be differences between the standard of living between two countries over time as a result of divergent growth rates.

To explain: The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.

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Chapter 12 Solutions

To explain:

The way there can be difference between the standard of living between two countries over time as a result of divergent growth rates.