Question

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 a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate (Dollars) 37,338 31,601 8,467 41,558 2,477 (Percent) (Dollars) 13,817 8,837 Economy Australia 2.01 Finland 2.58 Thailand 772 4.91 Ireland 7,807 3.40 2.51 Pakistan 717 Central African 1,010 628 0.95 Republic Indicate which economy satisfies each of the following statements. Central African Pakistan Thailand Republic Finland Ireland Statement Australia 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

Answer 1

This economy had the fastest rate of growth = Thailand

This economy had the highest level of real income per person = Ireland

The economy that overtook Finland = Ireland