P.S. 2 - South Korea over the last 40 years. However, South...

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EC 102 – Spring 2009 Problem Session #2 (Chapter 8): 1) Krugman and Wells, Ch 8, Q2 – Rule of 70 2) Krugman and Wells, Ch 8, Q3 – Productivity 3) Krugman and Wells, Ch 8, Q5 – Aggregate Production Function 4) Krugman and Wells, Ch 8, Q9 – Growth Rates 5) A puzzle: The share of GDP devoted to investment was similar for the United States and
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Unformatted text preview: South Korea over the last 40 years. However, South Korea had a 6 percent growth rate of average annual income, while the United States had only a 2 percent growth rate over that last 40 years. How can this be explained?...
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