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Chapter 9: Q. 9 (page 210)

On the basis of the information in Problem 9-10and reference to Table 9-3, about how many more dollars' worth of real GDP per capita would the person in China be earning 50years from now than the individual in Mozambique?

Short Answer

Expert verified

Dollar increase is $127560.

Step by step solution

01

Introduction

Mozambique has a per capita real GDP growth rate of $3percent per year, while China has an annual growth rate of $8percent.

According to the interest rate chart, $1 will be worth $4.38 after50 years at a rate of$3 percent, and$46.9 with an interest rate of $8 percent.

02

Explanation

In China ,

$3000after 50years will be valued at

$3000脳46.9=$140700

In Mozambique,

$3000after 50years will be valued at

$3000脳4.38=$13140

Therefore China will have $127560more GDP per capita than Mozambique.

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Most popular questions from this chapter

A nation's per capita real GDP was$2,000 in 2017, and the nation's population was5 million in that year. Between 2017 and 2018, the inflation rate in this country was role="math" localid="1651519423079" 5 percent, and the nation's annual rate of economic growth was 10 percent. Its population remained unchanged. What was per capita real GDP in 2018? What was the level of real GDP in2018?

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