Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000. How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP? India's per-capita GDP must double __________ times. Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate. Doubling time: ______________________ years
Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000. How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP? India's per-capita GDP must double __________ times. Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate. Doubling time: ______________________ years
Chapter16: Economic Growth
Section: Chapter Questions
Problem 3E
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Fill in the second blank.
Italy is a relatively rich country with per-capita GDP of $28,000. India is a relatively poor with per-capita GDP of only $3,500. However, India is growing rapidly at a growth rate of 5% per year. We want to find how many years it will take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000.
How many times must India's per-capita GDP double in order to reach Italy's per-capita GDP?
India's per-capita GDP must double __________ times.
Use the rule of 70 to find how many years it will take for India's per-capita GDP to double once at a 5% growth rate.
Doubling time: ______________________ years
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