1. Economic growth around the world e following table reports real income per pe
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1. Economic growth around the world e 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 Madagascar was $1,223 in 1960, and it actually declined to $789 by 010, Madagascar's average annual growth rate during this period was-0.37%, 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 United States New Zealand Indonesia Taiwan Sri Lanka Madagascar Real Income per Person in 1960 (Dollars) 15,136 12,868 744 2,061 790 1,223 Real Income per Person in 2010 (Dollars) 41,858 24,397 3,993 32,865 4,047 789 Annual Growth Rate Percent) 2.06 1.29 3.42 5.69 3.32 0.87 Indicate which economy satisfies each of the following statements. Sri United New Indonesia Madagascar Zealand Lanka Taiwan States Statement This economy had the highest level of real income per person in the year 2010 This economy experienced the fastest rate of growth in real income per person from 1960 to 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 New Zealand and grew fast enough to catch up with and surpass New Zealand's real income per person by 2010? O Madagascar O Sri Lanka O Taiwan O United StatesExplanation / Answer
The economy had the highest level of real income per person in the year 2010- united states with 41858 dollars.
The economy experienced the fastest economic growth in real income per person from 1960 to 2010- Taiwan with 5.69%
Taiwan's real income per person in 1960 was 2061 which is well below than New Zealand's real income per person of 12868. In 2010, Taiwan surpassed New Zealand with real income per person of 32865 which is higher than New Zealand's real income per person of 24397.
Taiwan is the answer.
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