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just c and d please thank you. question c needs two graphs (says figures). gdp per capita for all countries is in second image. 1970 to 2019 is 50 years

just c and d please thank you. question c needs two graphs (says figures). gdp per capita for all countries is in second image. 1970 to 2019 is 50 years

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 4P
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just c and d please thank you. question c needs two graphs (says figures). gdp per capita for all countries is in second image. 1970 to 2019 is 50 years

This problem asks you to collect and analyze data about the relationship between the initial income level and the growth rates across countries. a. Find real GDP per capita for 10 high-income countries from 1970 to 2019, and calculate the average annual growth rate of real GDP per capita for each country over this period. b. Repeat Part (a) but for 10 low-income countries. Include some countries in Sub- Saharran Africa. c. Draw two figures using the data you have collected in Part (a) and (b) with each point representing a country. Use the horizontal axis to represent GDP per capita in 1970, and the vertical axis the average annual growth rate during 1970-2019. The first figure should include countries in Part (a) only, and the second figure should include countries in both Part (a) and (b). Can you observe cross-country income convergence in these figures? d. Can the Solow model explain the patterns above? Why or why not? Explain.
Transcribed Image Text:This problem asks you to collect and analyze data about the relationship between the initial income level and the growth rates across countries. a. Find real GDP per capita for 10 high-income countries from 1970 to 2019, and calculate the average annual growth rate of real GDP per capita for each country over this period. b. Repeat Part (a) but for 10 low-income countries. Include some countries in Sub- Saharran Africa. c. Draw two figures using the data you have collected in Part (a) and (b) with each point representing a country. Use the horizontal axis to represent GDP per capita in 1970, and the vertical axis the average annual growth rate during 1970-2019. The first figure should include countries in Part (a) only, and the second figure should include countries in both Part (a) and (b). Can you observe cross-country income convergence in these figures? d. Can the Solow model explain the patterns above? Why or why not? Explain.
HIGH INCOME GDP p/capita United States Germany Canada United Kingdom Japan Australia France Sweden Switzerland Singapore LOW INCOME GDP p/ capita Afghanistan Haiti Chad Mozambique Niger Sierra Leone Somalia Sudan Togo Madagascar 1970 2019 5234.3 65,120.40 2761.2 46,793.70 4135.8 46374.2 2347.7 42,747.10 2056.1 40,416 3304.8 54,941.10 2870.2 40,494.90 4736.2 51,939.40 3344.8 84,121.90 925.8 66,070.50 162.6 500.50 70.8 1,345.50 128 701.60 812.2 11,330.50 551 139.20 156.3 506.60 86.7 405.80 143.4 848.30 167.5 848.30 167.5 512.30
Transcribed Image Text:HIGH INCOME GDP p/capita United States Germany Canada United Kingdom Japan Australia France Sweden Switzerland Singapore LOW INCOME GDP p/ capita Afghanistan Haiti Chad Mozambique Niger Sierra Leone Somalia Sudan Togo Madagascar 1970 2019 5234.3 65,120.40 2761.2 46,793.70 4135.8 46374.2 2347.7 42,747.10 2056.1 40,416 3304.8 54,941.10 2870.2 40,494.90 4736.2 51,939.40 3344.8 84,121.90 925.8 66,070.50 162.6 500.50 70.8 1,345.50 128 701.60 812.2 11,330.50 551 139.20 156.3 506.60 86.7 405.80 143.4 848.30 167.5 848.30 167.5 512.30
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