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  • 10-08-2020
  • Business
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How much does real GDP per capita need to increase in South Korea in 2011 to achieve a growth rate consistent with its 60-year average (1950-2010)

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Parrain
Parrain Parrain
  • 11-08-2020

Answer:  $‭1,820

Explanation:

From the snapshot it is shown that for the period 1950 to 2010, South Korea had achieved a growth rate of 5.54% per annum.

In 2010, South Korea had a Real GDP of $32,855.

To maintain the 5.54% rate, the GDP pr capita would have to increase by;

= $32,855 * 5.54%

= $‭1,820.167‬

= $‭1,820

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