Question

HO TUMULJUNU Uue Utes HW: Homework.Ch. 6: Economic Growth 89.2% Resources Give Up? Hint Check Ang In India, suppose GDP per capita grows by 6.0% per year for 23 years. By how many times does this economy grow? India's growth: time times In England, suppose GDP per capita grows by 2.0% per year for 23 years. By how many times does this economy grow? England's growth: Why are some countries with lower levels of GDP and standards of living able to catch up to the level of more developed countries? O Less developed countries can adopt already invented technologies, rapidly enabling their workforce to become more productive. Less developed countries tend to have larger populations so, as the economy starts to grow, there are more people they can put to work than more developed countries. Wages are really low in less developed countries, so firms can hire more people and produce more than firms in more developed countries. Workers in less developed countries work longer hours and thus produce more than workers in more developed countries. O

Answer 1

Uho 23 Suppose x is the uitial GDP Indias growth is 61. for 23 years So CIDP after 23 years is equal - n11.06 = 3.81967x So GDP growes by 3.81 times Sthillaily suppose GDP of angland initially ay quouth eate = 2%! use after a3 years = y(140:02) 25 so UDP has grown by 1.97 times 2 Less developed can adopt already invented technolgies, eapidly enabling their workforce to become mon productive 1.57684