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 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.EconomyReal Income per Person in 1960Real Income per Person in 2010Annual Growth Rate(Dollars)(Dollars)(Percent)Canada12,94635,8102.06United Kingdom11,88432,0342.00Korea1,61028,7025.93Hong Kong4,51844,0704.66Guatemala1,9853,8591.34Niger945570-1.01 Indicate which economy satisfies each of the following statements.StatementCanadaGuatemalaHong KongKoreaNigerUnited KingdomThis economy experienced the fastest rate of growth in real income per person from 1960 to 2010. This economy had the highest level of real income per person in the year 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?Guatemala Hong Kong Korea Niger Grade It NowSave & Continue Continue without saving

Answered: Statement Canada Guatemala Hong Kong…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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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 satisfies each of the following statements.

Statement	Canada	Guatemala	Hong Kong	Korea	Niger	United Kingdom
This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.
This economy had the highest level of real income per person in the year 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?

Guatemala

Hong Kong

Korea

Niger

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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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