As a senior staff member of the Reserve Bank of Australia (RBA) you are invited to discuss long run economic growth around the world. In particular, you are concerned about the growth rates starting in 1990 (including 1990 in your calculations) for a large group of countries. In your report you need to address the following questions: 1. Which country had the highest GDP per-capita in 2022? Which country had the lowest? What was the value for Australia? 2. Which country had the highest average growth rate of GDP per-capita in the 10 years from 2012 until 2022 inclusive)? Notice that some countries may not have enough data to obtain this information. Ignore these cases. Hint: pay close attention to the formula discussed in the textbook to calculate average growth rates (see p60). 3. Using the average growth rate of the country you found in part (2), calculate how many years the country with the smallest GDP per-capita would take to "catch up" to the level of GDP per capita of the highest country. Assume that the country with the highest GDP per capita does not grow at all in this period. Round your answer upward. Hint: this can be answered using logarithm maths but also by 'trial and error'. 4. Calculate the answer to part (3) if the country with the highest GDP per-capita grows at 0.5% p.a. What about if the growth rate is 0.9%? Round your answers to the highest integer. 5. Would you say the 0.9 percentage point difference from (3) to (4) in the average growth rate is an important difference? As a policymaker interested in improving the standard of living of the ones you govern, which of these two rates would you prefer? 6. Using the dataset, replicate figure (3.5) of the textbook for Australia. Make sure to use all the years from 1990 onwards. To prepare your report, you are advised to visit the Word Bank's website (https://data.worldbank.org/) and collect data on GDP per capita (PPP, constant 2017 international $) for all countries in their dataset. Make sure to collect data for all years they have available. Download the data on Microsoft Excel () (or equivalent) and remove all years until 1989 (keep 1990 onwards). The dataset includes information on regions also (e.g., Arab countries, Low Income, Euro Area). Be mindful of those when answering the questions. Note: you do not need to prepare a report, just answer the questions but show all your calculations.