Work It Out
Chapter 27 (Chapter 7 Macro)
TABLE OF CONTENTS
Question 1 of 1
Step 1
Work It Out
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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.
At this growth rate, how many years will it take for India’s per capita GDP to equal Italy’s current per-capita GDP of $28,000?
3:19
Correct! At the current growth rate of 5%, in 42 years India’s per-capita GDP will reach that of Italy’s at $28,000.
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