A. Table 24-1 shows data on real GDP per person for 13 countries during different periods of time.
1. The data reveal the fact that living standards vary a great deal between these countries.
2. Growth rates are also reported in the table. Japan has had the largest growth rate over time, 2.8 percent per year (on average).
3. Because of different growth rates, the ranking of countries by income per person changes over time.
a. In the late 19th century, the United Kingdom was the richest country in the world.
b. Today, income per person is lower in the United Kingdom than in the United States and Canada (two former colonies of the United Kingdom).