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What are some of the reasons that some countries that started off with a relatively low level of per capita GDP like Japan, Korea, and China are able to grow so much faster than the countries that already have high per capita GDP?

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019

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Related questions

Assume the following problem is based on 2010 economic data for the following countries associated with the North American Free Trade Agreement (NAFTA):

United States

Mexico

Real GDP per capita $44,000

Real GDP per Capita $11,000

a. What is the definition and the formula for the rule of 70?
b. Assuming that real GDP per capita in Mexico grows at the rate of 5 percent per year, how long will it take for Mexico's economy to double?
c. How many years will it take for Mexico's economy to reach the level of the United States real GDP per capita in 2010?
d. Using economic growth theory, what has helped Developing Countries (DVCs) like the Asian TigersĀ of Singapore, South Korea, Thailand, Hong Kong, and Japan transform into Industrially Advanced Countries (IACs)? e. Based on our discussion in class, Superstar Economist Alan Greenspan classified the large transition economies of India and China as Elephants.Ā Explain the meaning of this phrase

1. More people in high-income countries than in low-income countries tend to believe that rapid rates of economic growth are not desirable.

Some people in ______-income countries are ______ with certain consequences of rapid economic growth, such as higher standard of living.

-in low-income countries -are concerned with

-in high-income countries -are satisfied with

2. Which of the following best explains what is actually happening to real per capita GDPs of countries?

a. Lower-income countries have not caught up to higher-income countries at all.

b. Lower-income industrial countries are catching up with higher-income industrial countries.

c. Most countries now have similar real per capita GDP levels.

d. Poor countries are generally catching up with rich countries.

The economic growth model predicts that
A) lower-income industrial countries will forever be unable to catch up to higher-income industrial countries.
B) economic growth in rich countries can only be accomplished at the expense of slow or even negative growth in poor countries.
C) the level of real GDP per capita in poor countries will grow faster than in rich countries.
D) the per-worker production function of poor countries will be flatter than the per-worker production function of rich countries

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