Exercise 3. Time to double Assume that in a specific country GDP per capita, or per worker,
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Exercise 3. Time to double Assume that in a specific country GDP per capita, or per worker, grows at the rate g each year over many years, where g is written as a percentage, e.g. 2 per cent. Show that GDP per capita, or worker, will then approximately double every 70/g years. Use this to set up a table showing for each of the 15 richest countries in the world in 2003, the country's average annual growth rate in GDP per worker from 1960 to 2003 (you can take these from Table 2.2), and the number of years it takes for the country's GDP per worker to double, if growth continues at the same rate as it averaged from 1960 to 2003.
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INTRODUCING ADVANCED MACROECONOMICS GROWTH AND BUSINESS CYCLES
ISBN: 9780077117863
2nd Edition
Authors: PETER SORENSEN, Hans Whitta Jacobsen
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