The number of years to double the real GDP ( Gross Domestic Product ) per capita.

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Chapter 21, Problem 21.1.8PA

To determine

The number of years to double the real GDP (Gross Domestic Product) per capita.

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Fill in the third 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 How many years will it take for India to reach Italy’s current level of GDP per capita? It will take ________________ years for India to reach Italy's current level of GDP per capita.

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Suppose A, B and C are quantities that change over time. It can be shown that if A = BC then the percent growth in A equals the percent growth in B plus the percent growth in C. Suppose that GDP grows at 6% and population grows at 2%. Then what percent does GDP per person grow at?