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As you saw in class multiple times, currently U.S. real per capita GDP (Y/pop) is $59,500....

As you saw in class multiple times, currently U.S. real per capita GDP (Y/pop) is $59,500. If it grew at 2% a year (about the rate for the last 150 years) in 50 years (more or less the year you're likely to be retired), it will be $160,149. If instead it grew at 2.5% a year, it will be $204,508 in the same year, which of course is substantially more (about 28%). What concept does this illustrate?

Answer choices

A. technology is important for growth

B. small differences in growth rates have a large impact over many years

C. an increase in population can lead to faster growth

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Answer #1

The growth rate in the first case is 2% and the second case is 2.5% where the difference is less, but over time, it is 28% difference it is showing or in other words even small differences in the growth rate can be huge after much time.

Therefore (B) is the answer to this question

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