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 the base year of 2005.
The following exercises will help you to understand the different growth experiences of these economies.
Economy
Real Income per Person in 1960 (Dollars)
Real Income per Person in 2010 (Dollars)
Rate (Percent)
Australia
13,817
37,338
2.01
Finland
8,837
31,601
2.58
Thailand
772
8,467
4.91
Ireland
7,807
41,558
3.40
Pakistan
717
2,477
2.51
Central African Republic
1,010
628
-0.95
Indicate which economy satisfies each of the following statements.
Statement
Australia
Cental African Republic
Finland
Ireland
Pakistan
Thailand
This economy experienced the fastest rate of growth in real income per person from 1960 to 2010
This economy had the highest level of real income per person in the year 2010
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
a. Australia
b. Central African Republic
c. Ireland
d. Pakistan
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 the base year of 2005.
The following exercises will help you to understand the different growth experiences of these economies.
| Economy | Real Income per Person in 1960 (Dollars) | Real Income per Person in 2010 (Dollars) | Rate (Percent) |
| Australia | 13,817 | 37,338 | 2.01 |
| Finland | 8,837 | 31,601 | 2.58 |
| Thailand | 772 | 8,467 | 4.91 |
| Ireland | 7,807 | 41,558 | 3.40 |
| Pakistan | 717 | 2,477 | 2.51 |
| Central African Republic | 1,010 | 628 | -0.95 |
Indicate which economy satisfies each of the following statements.
| Statement | Australia | Cental African Republic | Finland | Ireland | Pakistan | Thailand |
| This economy experienced the fastest rate of growth in real income per person from 1960 to 2010 | ||||||
| This economy had the highest level of real income per person in the year 2010 |
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
a. Australia
b. Central African Republic
c. Ireland
d. Pakistan
