Implied (average) annual growth Country GDP per Capita ($) 1960 2010 United States Singapore China Kenya Haiti Ghana 15,398 4,383 772 1,020 1,513 1,286 41,365 55,862 7,746 1,247 1,410 2,094 2.00% 5.22% 4.72% 0.40% -0.14% 0.98%

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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The following table shows the GDP per capita of various countries for
the years 1960 and 2010 in PPP-adjusted 2005 dollars. The table also
contains the implied growth rates, which show how much on average each
country needed to grow each year to reach the 2010 level of GDP per capita
starting from the 1960 level of GDP per capita. Use the table to answer the
following questions.

1. During 1960-2010, which countries failed to reduce the gap between
their GDP per capita and the U.S. GDP per capita?

Implied (average)
annual growth
Country
GDP per Capita ($)
United States
Singapore
China
Kenya
Haiti
Ghana
1960
15,398
4,383
772
1,020
1,513
1,286
2010
41,365
55,862
7,746
1,247
1,410
2,094
2.00%
5.22%
4.72%
0.40%
-0.14%
0.98%
Transcribed Image Text:Implied (average) annual growth Country GDP per Capita ($) United States Singapore China Kenya Haiti Ghana 1960 15,398 4,383 772 1,020 1,513 1,286 2010 41,365 55,862 7,746 1,247 1,410 2,094 2.00% 5.22% 4.72% 0.40% -0.14% 0.98%
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