Suppose That South Korea Is Growing at 7% Per Year

question 4

Multiple Choice

Suppose that South Korea is growing at 7% per year and is producing real GDP per capita of about $28,000, while Norway is growing at 3.5% per year and is producing real GDP per capita of $56,000. If all else stays equal, the real GDP per capita for these two countries will converge in _____ years.

• A) 40
• B) 20
• C) 10
• D) 4

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Definitions:

American Society of Mechanical Engineers

A professional association that sets engineering standards, focusing on mechanical engineering.

ASME

American Society of Mechanical Engineers, a professional association that sets codes and standards for engineering practices, especially concerning mechanical engineering.

Threads

The helical structure on a cylindrical object such as a screw or bolt, allowing it to be screwed into a corresponding threaded hole or nut.

Inclined Surface

A surface that slopes or angles away from the horizontal or vertical, often specified in degrees of inclination.