Below are past GDP and growth data for the United States and four other countries: a. For

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Below are past GDP and growth data for the United States and four other countries:

1950 Real 1990 Real Average Yearly Growth Rate GDP per Capita (in 1990 dollars) GDP per Capita (in 1990 dollars) $9,573


a. For both years, calculate each country€™s per capita GDP as a percentage of U.S. per capita GDP. Which countries appeared to be catching up to the United States, and which were lagging behind?
b. If all these countries had continued to grow (from 1990 onward) at the average growth rates given, in what year would France have caught up to the United States? In what years (respectively) would India and Kenya have caught up to the United States?

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Macroeconomics Principles and Applications

ISBN: 978-1111822354

6th edition

Authors: Robert E. Hall, Marc Lieberman

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