Chinese economic growth is the outstanding feature of the world economic scene over the past twodecades.In 2018, U.S. output was $20.5 trillion, and Chinese output in 2017was $13.5 trillion. Suppose thatfrom 2017, the output of China grows at an annual rate of 7.9% per year, whereas the output of theUnited States grows from 2018 at an annual rate of 2.2% per year.Using these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017or 2018 over the next 50years.The level of U.S. output in 50 years will beThe level of Chinese output in 50 years will be $places.)trillion (Round your response to two decimal places)trillion (Round your response to two decimalHow many years will it take for China to have a total level of output equal to that of the UnitedStates?A. 4.7 yearsB.20.5 yearsC. 12.6 yearsD. 6.3 years

Output produced in the economy or GDP, is a measure of a country’s economic activity. It represents…

The level of U.S. output in 50 years will be S trillion (Round your response to two decimal places) The level of Chinese output in 50 years will be $ trillion (Round your response to two decimal places) How many years will it take for China to have a total level of output equal to that of the United States?

The level of U.S. output in 50 years will be S trillion (Round your response to two decimal places) The level of Chinese output in 50 years will be $ trillion (Round your response to two decimal places) How many years will it take for China to have a total level of output equal to that of the United States?

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Productivity And Growth

Section: Chapter Questions

Problem 2.4P

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