1.1. The accompanying table shows data from the Penn World Table, Version 6.2, for real GDP per capita in 2000 U.S. dollars for Argentina, Ghana, South Korea, and the United States for 1960, 1970, 1980, 1990, and 2000.

a. Complete the table by expressing each year’s real GDP per capita as a percentage of its 1960 and 2000 levels.

b. How does the growth in living standards from 1960 to 2000 compare across these four nations? What might account for these differences?

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Real GDP per capita (2000 Argentina Percentage of 1960 2000 Real GDP Ghana Percentage of Real GDP per capita 1960 2000 per capita South Korea Percentage of 1960 2000 per capita Real GDP United States Percentage of 1960 2000 real GDP real GDP (2000 real GDP real GDP (2000 real GDP real GDP (2000 real GDP real GDP Year dollars) per capita per capita dollars) per capita per capita dollars) per capita per capita dollars) per capita per capita 1960 $7,838 ? ? $412 ? ? $1,458 ? ? $12,892 ? ? 1970 9,821 ? ? 1,052 ? ? 2,552 ? ? 17,321 ? ? 1980 10,921 ? ? 1,142 ? ? 4,497 ? ? 21,606 ? ? 1990 8,195 ? ? 1,153 ? ? 9,593 ? 2000 11,332 ? ? 1,392 ? ? 15,702 ? ? ? 27,097 ? ? 34,365 ? ?