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

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its...
The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its growth rate for the country groups (column 2) defined by GDP levels (High-income, Middle-income and Low-income). They are all expressed as real (constant) GDP. A B C Country group GDP per capita (Year 2010) Average annual growth rate of real GDP per capita (Year 2000-2010) GDP per capita (Year 2088) High-income 38,293 0.9% 77024.76 Middle-income 3,980 4.8% 154192.5 Low-income 507 3.0% 5085.24 Throughout this...
12. Suppose that real output for a small developing country in year 1 is $1.9 billion...
12. Suppose that real output for a small developing country in year 1 is $1.9 billion and that population is 2.1 million. Instructions: In parts a and b, round your answers to the nearest dollar. a. What is per capita GDP?      $ b. If real output in year 5 increases to $2.2 billion and population increases to 2.5 million, what is the new per capita GDP?      $ c. Has the average standard of living for this small developing...
1.The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its...
1.The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its growth rate for the country groups (column 2) defined by GDP levels (High-income, Middle-income and Low-income). They are all expressed as real (constant) GDP. (1) (2) (3) Country group GDP per capita (Year 2010) Average annual growth rate of real GDP per capita (Year 2000-2010) GDP per capita (Year 2088) High-income 38,293 0.9% ? Middle-income 3,980 4.8% ? Low-income 507 3.0% ? 1) Approximate...
Which of the following is true? A) The gap between the income per capita of U.S...
Which of the following is true? A) The gap between the income per capita of U.S and the income per capita of poorer countries is large when PPP-based measures are used. B) Exchange rate-based measures of income per capita are identical to PPP-based measures. C) The gap between the income per capita of U.S and the income per capita of poorer countries is small when exchange rate-based measures are used. D) Exchange rate-based measures of income per capita differ from...
1) Assume China in 2008 has a per-capita income of$3000 and the U. S. has a...
1) Assume China in 2008 has a per-capita income of$3000 and the U. S. has a per-capita income of $40,000.Between 2008 and 2028 China grows at 9 percent while the U. S. grows at 2 percent. The per-capita income of China in 2028 will be and that of the U. S. will be a) 18148; 59672    b) 10148; 69672     C) 10148; 59672     d) 18148; 69672 ---- 2) If output is growing at 5% annually, how many years...
3. Country B’s current GDP is $500,000. It is growing at the rate of 8% per...
3. Country B’s current GDP is $500,000. It is growing at the rate of 8% per year. It has a current population of 5,000 which is growing at 1.5% a year. (a) Using the rule of 70, how long will it be before Country B’s GDP doubles (round off to the nearest value)? What will it’s per-capita GDP be in that year? (b) Using the rule of 70, how long will it be before Country B’s population doubles (round off...
1.Why is GDP per capita a better measure of well-being in a country than its natural...
1.Why is GDP per capita a better measure of well-being in a country than its natural resources? 2.When would you use the Rule of 72? 3.Say that two countries had GDP per capita of $10,000 50 years ago and today one has GDP per capita of $20,000 and the other of $40,000. Explain why this second country had or did not have twice the annual growth rate of the first country. 4.For this question, first calculate and report the per...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations. Quality of Life has no standard definition. It is broader...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of...
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations. Quality of Life has no standard definition. It is broader...
1.You deposit $600 in a savings account and one year later you have $654. At the...
1.You deposit $600 in a savings account and one year later you have $654. At the same time, the CPI increases from 160 to 166.4. The nominal interest rate is 2. A country aims to double real GDP per capita in the next 24 years. If the rate of population growth in the country is 1.01% per year then at approximately what rate does real GDP need to grow to achieve this goal? Enter a number rounded to two decimal...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT