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The following table shows levels of real income per person in several economies during the years 1960 and 2010

1. Economic growth around the world

The following table shows levels of real income per person in several economies during the years 1960 and 2010. The table further shows the average annual growth rate for each economy over this time period. For instance, 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 featured the lowest level of real income per person of any economy listed in the table in the year 2010.

The levels of real income per person are reported in U.S. dollars using a base year of 2005. The following exercises will provide insight into the different growth experiences of these nations.

EconomyReal Income per Person in 1960Real Income per Person in 2010Annual Growth Rate
(Dollars)(Dollars)(Percent)
Canada12,94635,8102.06
United Kingdom11,88432,0342.00
Korea1,61028,7025.93
Hong Kong4,51844,0704.66
Guatemala1,9853,8591.34
Niger945570-1.01

Indicate which economy satisfies each of the following statements.

StatementCanadaGuatemalaHong KongKoreaNigerUnited Kingdom
This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.Correct
This economy had the highest level of real income per person in the year 2010.Correct
Explanation:
In 2010, Hong Kong had the highest level of real income per person: $44,070.
From 1960 to 2010, real income per person in Korea grew at an average annual rate of 5.93%, the highest growth rate in the table.

Consider the following four nations listed below. Which economy started 1960 with a level of real income per person of 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?

a) Canada

b) Guatemala

c) Hong Kong

d) Korea

Explanation:
In 1960, Hong Kong's real income per person was $4,518, less than one-half that of the United Kingdom's. From 1960 to 2010, Hong Kong's real income per person grew at an average annual rate of 4.66%, whereas the United Kingdom's grew at a slower rate of 2.00% per year. By 2010, with real income per person of $44,070, Hong Kong had surpassed the United Kingdom's real income per person of $32,034. In fact, Hong Kong grew so fast that it also surpassed Canada's income per person of $35,810.

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