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
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
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 4P
Related questions
Question
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
Grade It Now
Save & Continue
Continue without saving
Expert Solution
Step 1
ANSWER
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
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.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning