Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 8, Problem 3RQ
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Country A and Country B start with the same GDP per capita of $50,000. Country A's GDP per capita grows at a constant rate of 2.8% and Country B's GDP per capita grows at a constant rate of 1.4%. Use the rule of 70 to compute the difference in GDP per capita for these two countries after 100 years, in thousands of dollars.
According to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in
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Latin America?
Africa?
Climate differences affect the economic development of countries. For example, undeveloped countries live in tropical and sub-tropical zones whereas highly developed nations live in temperate zones. Give two reasons why differences in climate tend to affect growth in economic development.
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