Suppose That Real GDP Per Capita of Monrovia Is $30,000

question 65

Multiple Choice

Suppose that real GDP per capita of Monrovia is $30,000. RGDP per capita in Westova is $15,000. Suppose that rate of growth of real GDP per capita in Monrovia is 3.17% per year and in Westova it is 6.34% per year. Using the rule of 72, calculate how many years it will take for RGDP per capita in Westova to catch up with RGDP per capita in Monrovia.

• A) approximately 11 years
• B) approximately 23 years
• C) approximately 34 years
• D) approximately 46 years

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Definitions:

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A sociological perspective that sees social life as a competition and focuses on the distribution of resources, power, and inequality.

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An economic system based on private ownership of the means of production and their operation for profit.

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Identities that are devalued or discriminated against in society due to certain characteristics or affiliations.