South Korea Has Real GDP Per Capita of $25,000, While

question 247

Multiple Choice

South Korea has real GDP per capita of $25,000, while England has real GDP per capita of $50,000. If real GDP per capita in South Korea grows at 7% and England's real GDP per capita grows at 3.5%, how long will it take for real GDP per capita in the two nations to converge?

• A) 10 years
• B) 20 years
• C) 25 years
• D) 35 years

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Definitions:

Individualistic Culture

A culture that emphasizes personal freedom and achievement, where individuals are encouraged to pursue their own goals and self-expression.

Collectivistic Culture

Cultures that prioritize the goals, needs, and views of the group over those of the individual.

Emotional Reactions

Responses governed by feelings or affective states rather than logic or thoughtful analysis.

Inhibit

To restrain or hold back an action, process, or expression, often by regulation or external constraint.