Consider an economy that mainly produces three goods (good A,B, and C): Last year, 100 units...
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Consider an economy that mainly produces three goods (good A,B, and C): Last year, 100 units of good A were sold at $1.20 each, 150 units of good B were sold at $1.80 each, and 100 units of good C were sold at $3.75 each. This year, 150 units of good A were sold at price $1.35 each, 100 units of good B were sold at $2.10 each, and 200 units of good C were sold at $3.20 each. Real GDP growth rate from last year to this year is approximately: Suppose South Korea's per capita GDP is $25,000 and its growth rate is 3.5% per year, and China's per capita GDP is $4,000, and growth rate of 7%. How many years will it take China to be larger than South Korea in terms of per capita GDP (cet.par.): Consider an economy that mainly produces three goods (good A,B, and C): Last year, 100 units of good A were sold at $1.20 each, 150 units of good B were sold at $1.80 each, and 100 units of good C were sold at $3.75 each. This year, 150 units of good A were sold at price $1.35 each, 100 units of good B were sold at $2.10 each, and 200 units of good C were sold at $3.20 each. Real GDP growth rate from last year to this year is approximately: Suppose South Korea's per capita GDP is $25,000 and its growth rate is 3.5% per year, and China's per capita GDP is $4,000, and growth rate of 7%. How many years will it take China to be larger than South Korea in terms of per capita GDP (cet.par.):
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