Question

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)

Answer 1

Answer: $‭1,820

Step-by-step 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