Suppose that in 1945 Japan had an initial per capita GDP of $10,000 per year and China had a per capita GDP of $250. Subsequently, China is growing at 7 percent per year and Japan is growing at 3.5 percent per year until 2005 and then stops growing altogether. In 2015, would have been the lower-income country, with a per capita GDP of approximately . (Hint: you may want to use the Rule of 70 to answer this question.)
Answers: 2
= 10 years is the time it takes China to double.
= 20 years is the time it takes Japan to double.
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Suppose that in 1945 Japan had an initial per capita GDP of $10,000 per year and China had a per cap...
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