Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Back to Assignment Attempts Keep the Highest ? 2 Economic growth around the world The following table shows levels of real income per person in

Back to Assignment
Attempts Keep the Highest ?2
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 -0.15%, 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.
\table[[,\table[[Real Income per Pers]],\table[[in 1960]],\table[[Real Income per Person in 2010]],\table[[Annual Growth Rate]]],[Austria,9,773,5,35,031,2.59],[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,-0.15]]
Indicate which economy satisfies each of the following statements.
\table[[Statement],[This economy had the highest level of real income per person in the Austria Botswana Honduras Malaysia Venezuela Zambia],[year 2010.],[This economy experienced the fastest rate of growth in real income],[per person from 1960 to 2010.]]
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
Botswana
Malaysia
Zambia
Grade It Now
Save & Continue
Continue without saving
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Econometric Analysis

Authors: William H. Greene

8th Edition

978-0134461366, 0134461363

More Books

Students also viewed these Economics questions