1. Economic growth around the world The following table shows levels of real income per person in several economies during the years 1960 and 2010. The table further shows the average annual growth rate for each economy over this time period. For instance, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was O.15%, and it featured the lowest level of real income per person of any economy listed in the table in the year 2010. The levels of real income per person are reported in U.S. dollars using a base year of 2005. The following exercises will provide insight into the different growth experiences of these nations. Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate Economy (Dollars) (Dollars) (Percent) Austria 9,773 35,031 2.59 Venezuela 7,307 9,762 0.58 Botswana 468 9,515 6.21 Malaysia 1,624 11,863 4.06 Honduras 1,932 3,146 0.98 Zambia 1,412 1,309 -O.15 Indicate which economy satisfies each of the following statements. Statement Austria Botswana Honduras Malaysia Venezuela Zambia This economy experienced the fastest rate of growth in real income per person from 1960 to 2010. O O O O O O This economy had the highest level of real income per person in the year 2010. O O O O O O Consider the following four nations listed below. Which economy started 1960 with a level of real income per person of well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010? Austria O Botswana O Honduras Malaysia