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 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 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
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 -0.15

Indicate which economy satisfies each of the following statements.

a. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.
b. This economy had the highest level of real income per person in the year 2010.

1. Austria
2. Botswana
3. Honduras
4. Malaysia
5. Venezuela
6. Zambia

Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?

1. Austria
2. Botswana
3. Honduras
4. Malaysia

1. The economy that satisfies each of the following statements:

a. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010:

2. Botswana

b. This economy had the highest level of real income per person in the year 2010:

1. Austria

b. The economy that began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010 is:

4. Malaysia

Explanation:

a) Data and Calculations:

                       Real Income per    Real Income per     Annual Growth

                        Person in 1960      Person in 2010            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                    -0.15

b) Botswana has the fastest rate of growth of 6.21%, growing from $468 real income per person in 1960 to $9,515 real income person in 2010.

Malaysia's real income per person in 1960 was $1,624, which was below Venezuela's $7,307.  But in 2010, Malaysia's real income per person grew to $11,863 against Venezuela's $9,762.

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