The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per

Question

The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country remain the same. What will France’s per capita real GDP be in 2045? What will Korea’s per capita real GDP be in 2045? The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country remain the same. What will France’s per capita real GDP be in 2045? What will Korea’s per capita real GDP be in 2045? The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country remain the same. What will France’s per capita real GDP be in 2045? What will Korea’s per capita real GDP be in 2045? The rate of economic growth per capita in France from 1996 to 2000 was 1.9% per year, while in Korea over the same period it was 4.2%. Per capita real GDP was $28,900 in France in 2003, and $12,700 in Korea. Assume the growth rates for each country remain the same. What will France’s per capita real GDP be in 2045? What will Korea’s per capita real GDP be in 2045?

Explanation / Answer

Per capital real GDP of France in 2003 = $28,900

For a growth rate of 1.9% every year for 2045-2013 i.e. 32 years. Therefore, the per capita real GDP = 28,900*(1.019)^32 = $52,780

Similarly, for Korea - 12,700*(1.042)^32= $47,377

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.