Convergence between Japan and the United States since 1960 Using the data in the Penn World Tables, find real GDP per capita in the United States and Japan in 1960, 1990, and the most recent year available.

a. Compute the average annual growth rates of GDP per person for the United States and Japan for two time periods: 1960 to 1990, and 1990 to the most recent year available. Did the level of real output per person in Japan tend to converge to the level of real output per person in the United States in both of these periods? Explain.

b. Suppose that in every year since 1990, Japan and the United States had each continued to have their average annual growth rates for the period 1960 to 1990 . How would real GDP per person compare in Japan and the United States today?

c. What actually happened to growth in real GDP per capita in Japan and the United States from 1990 to the most recent year available?