Long-run Economic Growth: End of Chapter Problems 1960 2015 Real GDP Percentage

Question

Long-run Economic Growth: End of Chapter Problems 1960 2015 Real GDP Percentage Real GDP Percentage per capita of U.S. real per capita of U.S. real (2010 GDP per (2010 GDP per dollars)capita dollars) capita accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita (2010 U.S. dollars) in France, Japan, the United Kingdom, and the United States in 1960 and 2015. Calculate each country's real per France$12,992 capita GDP as a percentage of that of the United Japan8.369 States in each year. Have these countries converged economically? Round all answers to one place after the decimal point. $41,330 44,657 United Kingdom 13,869 40.933 United States 17037 51.486 V Scroll France, 1960: % France, 2015:

Explanation / Answer

France, 1960: (12992 / 17037) * 100 = 76.3%       France, 2015: (41330 / 51486) * 100 = 80.3%

Japan, 1960: (8369 / 17037) * 100 = 49.1%         Japan, 2015: (44657 / 51486) * 100 = 86.7%

UK, 1960: (13869 / 17037) * 100 = 81.4%             UK, 2015: (40933 / 51486) * 100 = 79.5%

France, 1960: (17037 / 17037) * 100 = 100%       France, 2015: (51486 / 51486) * 100 = 100%

Ans: Closer together

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