The following table reports real income per person for several different economi

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 Austria Venezuela Botswana Malaysia Honduras Zambia Real Income per Person in 1960 (Dollars) 9,773 7,307 468 1,624 1,932 1,412 Real Income per Person in 2010 (Dollars) 35,031 9,762 9,515 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. Austria Botswana Honduras MalaysiaVenezuela Zambia Statement 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 countries. 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? O Botswana O Honduras O Malaysia O Zambia

Explanation / Answer

ANSWER:

1) botswana as the growth rate is highest of 6.21%

2) austria as the highest real income per person is $35,031

3) malaysia as in 1960 the real income per person was $1624 which is less then that of venezuela and in 2010 the real income per person was $11,863 which is more then that of venezuela.

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