1. Economic growth around the world The following table reports real income per
ID: 1148709 • Letter: 1
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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 Annual Growth Rate (Percent) 2.01 2.58 4.91 3.40 2.51 Real Income per Person in 1960 Economy Australia Finland Thailand Ireland Pakistan Central African Republic (Dollars) 13,817 8,837 772 7,807 Real Income per Person in 2010 (Dollars) 37,338 31,601 8,467 41,558 2,477 1,010 628 Indicate which economy satisfies each of the following statements. Central African Republic Australia Finland Ireland Pakistan Thailand Statement This economy had the highest level of real income per person in the year 2010 conomy experienced the fastest income per person from 1960 to 2010 ed the fastest rate of arowth in real Consider the following list of four countries. 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? O Central African Republic O Ireland O Pakistan O ThailandExplanation / Answer
(1)
(a) This economy had highest real income per person in 2010 - Ireland ($41,558)
(b) This economy experienced fastest rate of growth from 1960 to 2010 - Thailand (4.91%)
(2) Ireland
Ireland's real income per person was $7,807 (< Finland's $8,837) in 1960, but increased to $41,558 (> Finland's $31,601) in 2010.
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