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 average annual growth rate during this period. For example, real income per person in the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, 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 1960Real Income per Person in 2010Annual Growth Rate(Dollars)(Dollars)(Percent)EconomyAustralia13,81737,3382.01Finland8,83731,6012.58Thailand7728,4674.91Ireland7,80741,5583.40Pakistan7172,4772.51Central African Republic1,010628-0.95ndicate which economy satisfies each of the following statements.Central AfricanThailandStatementAustraliaRepublicFinlandIrelandPakistanThis economy had the highest level of real income per person inthe year 2010.This economy experienced the fastest rate of growth in realincome 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 below that of Finland andgrew fast enough to catch up with and surpass Finland's real income per person by 2010?AustraliaIrelandPakistanThailand

The question above lists economies of 6 countries Australia, Finland, Ireland, Thailand, Pakistan,…

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ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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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 the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, 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
(Dollars)
(Dollars)
(Percent)
Economy
Australia
13,817
37,338
2.01
Finland
8,837
31,601
2.58
Thailand
772
8,467
4.91
Ireland
7,807
41,558
3.40
Pakistan
717
2,477
2.51
Central African Republic
1,010
628
-0.95
ndicate which economy satisfies each of the following statements.
Central African
Thailand
Statement
Australia
Republic
Finland
Ireland
Pakistan
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 below that of Finland and
grew fast enough to catch up with and surpass Finland's real income per person by 2010?
Australia
Ireland
Pakistan
Thailand

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.

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