Use the data on real GDP in the following table to answer the questions. The values are measured in billions of each country’s domestic currency. The base year for Mexico is 2013, the base year for Panama is 2007, and the base year for Thailand is 2002. 

a. Which country experienced the highest rate of economic growth during 2016? 

b. Which country experienced the highest average annual growth rate between 2016 and 2018? 

c. Does it matter for your answers to parts (a) and (b) that each country’s real GDP is measured in a different currency and uses a different base year? Briefly explain.

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Country 2015 Mexico Panama Thailand 2016 2017 17,284 17,789 18,157 36 38 9,521 9,841 40 10,237 2018 18,519 42 10,660