Question

9 Assume that a very tiny and very poor DVC has income per capita of $300...

9

Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million.

Instructions: Round your answers to the nearest whole number.

a. How large is its population?

  

b. If its population grows by 2 percent in some year while its total income grows by 4 percent, what will be its new income per capita rounded to full dollars?

  

c. If the population had not grown during the year, what would have been its income per capita?

  

10

Suppose that a developing country currently has a per capita GDP of $1,300 and has a goal to double its average standard of living in 8 years.

What will be the approximate annual economic growth rate required for this country to attain its goal? (Hint: Use the Rule of 70.)

Instructions: Round your answer to 2 decimal places.

percent

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