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 his 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 thedifferent growth experiences of these economies.EconomyCanadaUnited KingdomKoreaHong KongGuatemalaNigerReal Income per Person in 1960 Real Income per Person in 2010(Dollars)(Dollars)35,81012,94611,88432,0341,61028,7024,51844,0701,9853,859945570Annual Growth Rate(Percent)2.062.005.934.661.34-1.01 SUnited KingdomKoreaHong KongGuatemalaNigerIndicate which economy satisfies each of the following statements.StatementThis economy had the highest level of real income per person in the year2010.11,8841,6104,5181,985945This economy experienced the fastest rate of growth in real income perperson from 1960 to 2010.CanadaGuatemalaHong KongNiger32,03428,70244,0703,859570Canada Guatemala2.005.934.661.34-1.01Consider 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 theUnited Kingdom and grew fast enough to catch up with and surpass the United Kingdom's real income per person by 2010?HongKongUnitedKorea Niger Kingdom

Real income is how much cash an individual or entity makes in the wake of accounting for inflation…

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 his 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. Economy Canada United Kingdom Korea Hong Kong Guater Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 12,946 35,810 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01

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 his 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. Economy Canada United Kingdom Korea Hong Kong Guater Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 12,946 35,810 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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. Economy Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate (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…
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