Attached is testimony from Jerome Powell, Chair of the Fed, as well as a chart of the percent change in GDP for the last 60+ years. Powell's estimate of GDP of 6% is impressive. Hopefully, as the pandemic subsides, the economy will resume its previous strength.1. If Powell is correct in his estimate, how would that rate of growth stack up against previous annual rate of growth in the US economy? Do you think this could be sustained? Why or why not? 10 pts2. Let's say Powell's rate of growth is sustained. And, China is growing at 10 %/yr. ( All data is real GDP). Currently China GDP is $14 trillion. The US GDP is $28 trillion (not accurate figures). How many years will it take China to catch up to US in GDP at its current level? 10pts3.Using the above figures, if the population in US is 325 million, and population in China is 1.3 billion, how many years (approximately) will it take China to catch up to the US, in per capita income with the US at its current level ? 10 pts https://www.reuters.com/article/us-usa-fed-powell-gdp/feds-powell-2021-gdp-growth-could-be-in-range-of-6-idUSKBN2AN1UC?il=0

1 deece9621fc3ff88ff770e851cd5/MyFiles/Downloads/fredgraph%20(1).pdf 1 100% + FRED - Real Gross Domestic Product 15 10 Percent Change from Year Ago 2020 1950 1960 1970 1980 1990 2000 2010 SourceJU.S. Bureau of Econotruc Analysis fred stlouisfed.org