Question: 3 (20 points) This question is about South Korea's growth miracle. South Korea's GDP per capita was $944 in 1960 and $15, 105 in

3 (20 points) This question is about South Korea's growth miracle. South

3 (20 points) This question is about South Korea's growth miracle. South Korea's GDP per capita was $944 in 1960 and $15, 105 in 2000 (in constant 2010 US 8). (a) (5 points) What was the average annual growth rate of GDP per capita? (b) (5 points) On average, a new generation comes along every 25 years. How much richer (measured by GDP per capita) were the South Korean children than their parents? (c) (5 points) How many years did it take to double S. Korean GDP per capita? (d) (5 points) An alternative but incorrect way to do part (a) is to take the percentage change divided by the number of years. For example, 1 100. Compute the growth rate with this formula. It should be substantially different from you answer in (a). What is the explanation for the difference?

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