Over the next 100 years, real GDP per capita in Groland is expectedto grow at an average
Chapter 7, Problem 8(choose chapter or problem)
Over the next 100 years, real GDP per capita in Groland is expectedto grow at an average annual rate of 2.0%. In Sloland,however, growth is expected to be somewhat slower, at an averageannual growth rate of 1.5%. If both countries have a realGDP per capita today of $20,000, how will their real GDP percapita differ in 100 years? [Hint: A country that has a real GDPtoday of $x and grows at y% per year will achieve a real GDP of$x (1 + 0.0y)z in z years. We assume that 0 y < 10.]
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