1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Real Income per Person in 1960 TTT Real Income per Person in 2010 Annual Growth Rate Economy (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy satisfies each of the following statements. United Hong Kong Statement Canada Guatemala Korea Niger Kingdom This economy had the highest level of real income per person in the year 2010. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010. Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of the United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010? O Canada O Guatemala O Hong Kong O Niger
1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Real Income per Person in 1960 TTT Real Income per Person in 2010 Annual Growth Rate Economy (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy satisfies each of the following statements. United Hong Kong Statement Canada Guatemala Korea Niger Kingdom This economy had the highest level of real income per person in the year 2010. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010. Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of the United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010? O Canada O Guatemala O Hong Kong O Niger
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:1. Economic growth around the world
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average
annual growth rate during this period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010.
Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the
different growth experiences of these economies.
Real Income per Person in 1960
Real Income per Person in 2010
Annual Growth Rate
Economy
(Dollars)
(Dollars)
(Percent)
Canada
12,946
35,810
2.06
United Kingdom
11,884
32,034
2.00
Korea
1,610
28,702
5.93
Hong Kong
4,518
44,070
4.66
Guatemala
1,985
3,859
1.34
Niger
945
570
-1.01
Indicate which economy satisfies each of the following statements.
Hong
Kong
United
Statement
Canada
Guatemala
Korea
Niger
Kingdom
This economy had the highest level of real income per person in the
year 2010.
This economy experienced the fastest rate of growth in real income
per person from 1960 to 2010.
Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of the
United Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010?
Canada
O Guatemala
O Hong Kong
O Niger
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education