Question: Growth and development: In 2010, Ethiopia had a per capita income of $700, about $2 per day. Compute per capita income in Ethiopia for the year 2050 assuming average annual growth is
(a) 1% per year.
(b) 2% per year.
(c) 4% per year.
(d) 6% per year. (For comparison, per capita income in Mexico in the year 2010 was nearly $12,000, about 30 percent of the U.S. level.)