Measure of standard of living

Assignment Help Business Economics

Reference no: EM131246894

In 2013, the real GDP per capita (a measure of standard of living) of China was $6,187 and in the US it was $53,042. Thus China’s real GDP per capita is approximately 12.8% of U.S. real GDP per capita. If Chinese per capita GDP grows at an average of 7%, and U.S. does it at 2%, how many years will it take for China to catch up with the United States?

[HINT: The easiest way to do this is to calculate how many “doublings” are needed to catch up, and then use the relative rate of growth and the rule of 70 to find the solution ]

Reference no: EM131246894

Questions Cloud

Design an entity-relationship diagram for baseball database : Design an Entity-Relationship diagram for the baseball database and enter the design using a data-modeling tool such as ERWin.

Find the labor demand and labor supply for economy : In this problem we will find the labor demand and labor supply for an economy, from there we will determine the equilibrium quantity of labor, and by plugging that into the production function we will find GDP. Now that you have the Labor Demand and ..

Sentences citing specific reasons : Your paragraphs should have an opening statement followed by three sentences citing specific reasons. 1. Do you agree or disagree with changing laws to hold the company where the data theft occurred accountable?

Project definition and scoping : Submit 1,500-word project report explaining how the various Project Management concepts could be applied to your project and within your organization or any other project of your choice; Project definition and scoping

Measure of standard of living : In 2013, the real GDP per capita (a measure of standard of living) of China was $6,187 and in the US it was $53,042. Thus China’s real GDP per capita is approximately 12.8% of U.S. real GDP per capita. If Chinese per capita GDP grows at an average of..

Explain what the client can expect from your services : Design a systematic network architecture plan in accordance with network design steps. Summarize among scalability, availability, performance security, manageability, usability, adaptability, and affordability as they relate to internetworking pro..

Competitive market are earning positive economic profits : Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?

Grayscale painting on photoshop : How would one be able apply color to a grayscale painting on photoshop without taking away any of the details in the work?

Define the matlab vectors x and y to represent the input : Define the MATLAB vectors x and y to represent the input on the interval -5

User Account

All Pages