Indicate which economy satisfies each of the following statements.StatementAustriaBotswanaHondurasMalaysiaVenezuelaZambiaThis economy had the highest level of real income per person in theyear 2010.This economy experienced the fastest rate of growth in real incomeper person from 1960 to 2010. 1. Economic growth around the worldThe following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's averageannual 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 by2010. 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 thedifferent growth experiences of these economies.Real Income per Person in 1960Real Income per Person in 2010Annual Growth RateEconomy(Dollars)(Dollars)(Percent)Austria9,77335,0312.59Venezuela7,3079,7620.58Botswana4689,5156.21Malaysia1,62411,8634.06Honduras1,9323,1460.98Zambia1,4121,309-0.15

Real income is the income of individuals after adjusting the rate of inflation. It is estimated by…

Indicate which economy satisfies each of the following statements. Statement Austria Botswana Honduras Malaysia Venezuela Zambia This economy had the highest level of real income per person in the year 2010. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.

Indicate which economy satisfies each of the following statements. Statement Austria Botswana Honduras Malaysia Venezuela Zambia This economy had the highest level of real income per person in the year 2010. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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