Pad 33% 11:59 AM Courses aplia com Course: FMIS 2201 Inform ay15. moodle umn.edu
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Pad 33% 11:59 AM Courses aplia com Course: FMIS 2201 Inform ay15. moodle umn.edu/plu Mac OS X Yosemite Essent Aplia: Student Question ECON 1022 Section 3 Fall 2015 Misrak Teka Customer Support Sign Out aplia Grades Personalized Reviews Course Materials Home Discussion Economic Growth: Theory and Policy Graded Assignment l Read Chapter 7 l Back to Assignment Due Tuesday 10.27.15 at 06:00 PM Keep the Highest: /2 Attempts: Economic growth around the world 4. The following table reports real GDP 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 GDP per person in the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, and it was the poorest economy in the table in the year 2010 The real GDP-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Real GDP per Person in 1960 Real GDP per Person in 2010 Annual Growth Rate (Dollars) (Dollars) (Percent) Economy Australia 13,817 37,338 2.01 Finland 8837 31,601 2.58 Thailand 772 8,467 4.91 Ireland 7,807 41,558 340 Pakistan 2,477 2.51 1.010 628 -0.95 Central African Republic Indicate which economy satisfies each of the following statements. Central African Australia Finland Republic Ireland Pakistan Thailand Statement This economy experienced the fastest rate of growth n real GDP per person from 1960 to 2010 This economy had the highest level of real GDP pe person in the year 2010 Consider the following list of four countries. Which economy began with a level of real GDP per person in 1960 that was below that of Finland and grew fast enough to catch up with and surpass Finland's real GDP per person by 2010? Australia Ireland Pakistan O Thailand Grade No Save & Continue Session Copyright Notice Terms of U Accessibility vacy Notice Security Notice 59:46 Time ourExplanation / Answer
(1)
(a) Fastest growth in real GDP per person = Thailand.
Growth rate = [$(8,467 / 772) - 1] x 100 = 996.76%
(b) Highest real GDP per person in 2010 = Ireland ($41,558)
(2)
Ireland. It started with $7,807 but ended up with $41,558 in 2010.
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