1. Economic growth around the world 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 Madagascar was $1,223 in 1960, and it actually declined to $789 by 2010. Madagascar's average annual growth rate during this period was D.87%, and it was the poorest economy in the table in the year 2010. The real GDPperperson gures 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 Economy (Dollars) (Dollars) (Percent) United States 15,136 41,858 2.06 New Zealand 12,868 24,397 1.29 Indonesia 744 3,993 3.42 Taiwan 2,061 32,865 5.69 Sri Lanka 790 4,047 3.32 Madagascar 1,223 789 0.87 Indicate which economy satisfies each of the following statements. New Sri United Statement Indonesia Madagascar Zealand Lanka Taiwan States This economy experienced the fastest rate of growth in real GDP per O O O O O O person from 1960 to 2010. This economy had the highest level of real GDP per person in the year O O O O O O 2010. Consider the following list of four countries. Which economy began with a level of real GDP 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 GDP per person by 2010? O Madagascar Sri Lanka Taiwan O United States