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 Niger was $945 in 1960, and it actuallydeclinedto $570 by 2010. Niger's average annual growth rate during this period was -1.01%, 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 a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.

EconomyReal Income per Person in 1960Real Income per Person in 2010Annual Growth Rate(Dollars)(Dollars)(Percent)Canada12,94635,8102.06United Kingdom11,88432,0342.00Korea1,61028,7025.93Hong Kong4,51844,0704.66Guatemala1,9853,8591.34Niger945570-1.01