sapling leaning In Russia, GDP per capita is growing by 9.0% per year for 25 yea
ID: 1205320 • Letter: S
Question
sapling leaning In Russia, GDP per capita is growing by 9.0% per year for 25 years, by how many times would their economy grow? Number Times In Germany, GDP per capita is growing by 2.0% per year for 25 years, by how many times would their economy grow? Number Times Why are some countries with lower levels of GDP and standards of living able to catch up to the level of more developed countries? Wages are really low in lesser developed countries so firms can hire more people and produce more than firms in more developed places. Lesser 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. O Workers in lesser developed countries work longer hours and thus produce more than workers in more developed countries. Lesser developed countries can adopt already invented technologies rapidly enabling their workforce to become more productive.Explanation / Answer
1) Suppose current GDP of Russia is 100 then we apply Simple interest formula= 100*0.09*25=225 means 2.25 times will grow
2) Suppose current GDP of Germany is 100 then we apply Simple interest formula= 100*0.02*25=225 means 0.5 times will grow
3) Lesser developed countries can adopt already invented technologies rapidly enabling their workforce to become more productive.
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