Business, 06.03.2020 10:23 joyce945

Suppose that in 1945 Japan had an initial per capita GDP of $10,000 per year and China had a per capita GDP of $250. Subsequently, China is growing at 7 percent per year and Japan is growing at 3.5 percent per year until 2005 and then stops growing altogether. In 2015, would have been the lower-income country, with a per capita GDP of approximately . (Hint: you may want to use the Rule of 70 to answer this question.)

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Suppose that in 1945 Japan had an initial per capita GDP of $10,000 per year and China had a per cap...