Real GDP per person in Westland is $30,000,while real GDP in Eastland is $10,000.However,Westland's real GDP per person is growing at 1.5% per year and Eastland's is growing at 3% per year.If these growth rates persist indefinitely,then
A) Westland's real GDP per person will decline until it equals Eastland's.
B) Westland's real GDP per person will always be greater than Eastland's.
C) Eastland's real GDP per person will always be less than Westland's.
D) Eastland's real GDP per person will eventually be greater than Westland's.
E) Eastland's real GDP per person will catch up to Westland's,but never exceed Westland's.
Correct Answer:
Verified
Q31: If,at the age of 21,you put $1,000
Q32: In symbolic terms,where Y equals real GDP,POP
Q33: The key variable in determining changes in
Q34: If a nation's real GDP is growing
Q35: Real GDP per person equals average labour
Q37: Real GDP per person in the United
Q38: Suppose Botswana doubles its income in 8
Q39: Small differences in growth rates of real
Q40: Growth of real GDP per person is
Q41: The table below provides data on Canada's
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents