Economic Growth 4. Based on information from the World Bank, in 2018, GDP per capita was $62,794.6 in the United States and $64,581.9 in Singapore - very similar values (and relatively high values compared to many countries). But, the annual rate of GDP growth averages 2.3% in the United States and 2.7% in Singapore. Would you predict the United States or Singapore to have a more rapid increase in the standard of living in the long run? Discuss what evidence/theory from Chapter 7 you are using to support this prediction. 5. The United Nations Human Development Index (HDI) uses information about a country's life expectancy at birth (health), expected years of schooling and mean years of schooling (education), and Gross National Income per capita (standard of living) to create a measure that ranges from 1 (very high) to 0 (very low). For 2017, the United States had a value of 0.924, compared to 0.926 for Canada and 0.922 for the United Kingdom - very similar values, although not the highest of all countries. Suppose a developing country (such as Eritrea with a value of 0.440 or Haiti with a value of 0.498) asks for your advice on which country it should try to emulate in order to increase its level of development and economic growth. Which of the three countries above would you choose? Explain what additional information about each country would be important to making this assessment