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 Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, 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. EconomyReal Income per Person in 1960 (Dollars)Real Income per Person in 2010 (Dollars)Annual Growth Rate (Percent)Austria9,77335,0312.59Venezuela7,3079,7620.58Botswana4689,5156.21Malaysia1,62411,8634.06Honduras1,9323,1460.98Zambia1,4121,309-0.15 Indicate which economy satisfies each of the following statements. StatementAustriaBotswanaHondurasMalaysiaVenezuelaZambiaThis 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 Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010? a. Austriab. Botswanac. Malaysiad. Zambia 1. Economic growth around the worldThe following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's averageannual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by2010. Zambia's average annual growth rate during this period was -0.15%, 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 thedifferent growth experiences of these economies.EconomyAustriaVenezuelaBotswanaMalaysiaHondurasZambiaReal Income per Person in 1960 Real Income per Person in 2010(Dollars)(Dollars)9,77335,0317,3079,7624689,5151,6241,9321,41211,8633,1461,309Annual Growth Rate(Percent)2.590.586.214.060.98-0.15 Indicate which economy satisfies each of the following statements.StatementThis economy had the highest level of real income per person in theyear 2010.This economy experienced the fastest rate of growth in real incomeper person from 1960 to 2010.AustriaConsider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that ofVenezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?BotswanaMalaysiaAustriaZambiaBotswana Honduras Malaysia Venezuela Zambia

Per capita income is calculated as the total income made by inhabitants or population members…

Answered: 1. Economic growth around the world The…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

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 Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, 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.

Economy	Real Income per Person in 1960 (Dollars)	Real Income per Person in 2010 (Dollars)	Annual Growth Rate (Percent)
Austria	9,773	35,031	2.59
Venezuela	7,307	9,762	0.58
Botswana	468	9,515	6.21
Malaysia	1,624	11,863	4.06
Honduras	1,932	3,146	0.98
Zambia	1,412	1,309	-0.15

Indicate which economy satisfies each of the following statements.

Statement	Austria	Botswana	Honduras	Malaysia	Venezuela	Zambia
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 Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?

a. Austria

b. Botswana

c. Malaysia

d. Zambia

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 Zambia was $1,412 in 1960, and it actually declined to $1,309 by
2010. Zambia's average annual growth rate during this period was -0.15%, 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.
Economy
Austria
Venezuela
Botswana
Malaysia
Honduras
Zambia
Real Income per Person in 1960 Real Income per Person in 2010
(Dollars)
(Dollars)
9,773
35,031
7,307
9,762
468
9,515
1,624
1,932
1,412
11,863
3,146
1,309
Annual Growth Rate
(Percent)
2.59
0.58
6.21
4.06
0.98
-0.15

Indicate which economy satisfies each of the following statements.
Statement
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.
Austria
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
Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?
Botswana
Malaysia
Austria
Zambia
Botswana Honduras Malaysia Venezuela Zambia

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.