The following table reports real GDP per person for several different economies

Question

The following table reports real GDP per person for several different economies in the years 1960 and 2000. It also gives each economy's average annual growth rate over this period. For example, GDP per person in Nigeria was $1,106 in 1960 and actually declined to $1,074 by 2000. Nigeria's average annual growth rate during this period was -0.07%, and it the poorest economy in the table in the year 2000. The real GDP per person figures are denominated in U.S. dollars with a base year of 1996. The following questions help you to understand the different growth experiences of the economies in the table. which economy had the highest level of real GDP per person in the year 2000? Ireland Finland Australia Thailand In which economy did real GDP per person grow at the fastest rate from 1960 to 2000? Nigeria Ireland Australia Thailand Consider the following list of four countries. Which economy began with a level of real GDP per person in 1960 that was below that of Finland and grew fast enough to catch up with and surpass Finland's real GDp per person by 2000? Thailand Ireland Nigeria Australia

Explanation / Answer

1. Australia

2. Ireland

3. Ireland

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