Question

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 country undergone an increase or a decrease?

       (Click to select)   Decrease   Increase

13

Suppose that a developing country's real GDP at the end of the previous year was $43 billion. A census taken that year estimated population to be 48 million. Assume that real GDP is projected to increase by 3.5 percent and that population is expected to grow by 0.27 percent by the end of the current year.

Based on these estimates, what is the expected real GDP per capita at the end of the current year?

Instructions: Enter your answer as a whole number.

$

Homework Answers

Answer #1

12)

Real GDP in year 1=$1.9 billion=1.9*1000=$1900 million

Population in year 1=2.1 million

Per Capita Real GDP in year 1=Real GDP in year 1/Population in year 1=1900/2.1 =904.7619 or say $905

b)

Real GDP in year 5=$2.2 billion=$2200 million

Population in year 5=2.5 million

Per Capita Real GDP in year 5=Real GDP in year 5/Population in year 5=2200/2.5 =$880

c)

Per Capita Real GDP has decreased. We can say that average standard of living has undergone a decrease.

Problem 13

Real GDP last year=$43 billions=$43000 million

Population last year=48 million

Expected Real GDP at the end of current year=43000*(1+3.5%)=$44505 million

Expected Population at the end of current year=48*(1+0.27%) =48.1296 million

Expected Per Capita Real GDP at the end of current year=44505/48,1296=$924.69 or say $925

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the...
In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the same period, the Saudi population rose from 22.9 million to 25.4 million. a. Calculate real GDP per capita in 2015 and 2018. By what percentage did output per person grow over this period? b. Suppose that real GDP grown by 3% each year from 2015 to 21018, what would real GDP have been in 2018?
Suppose real GDP in the U.S. was $19,000 billion in 2019 and $18,900 billion in 2020....
Suppose real GDP in the U.S. was $19,000 billion in 2019 and $18,900 billion in 2020. Assume that population in the U.S. was 0.32 billion in 2019 and 0.35 billion in 2020. a. What was the growth rate of real GDP from 2019-2020? b. Calculate GDP per capita in both 2019 and 2020. c. What was the growth rate of real GDP per capita from 2019-2020?
Please, I need full explanation and correct answers. 1) In 2012, Northland had real GDP of...
Please, I need full explanation and correct answers. 1) In 2012, Northland had real GDP of $4.21 billion and a population of 2.98 million. In 2013, real GDP was $4.59 billion and population was 2.97 million. What was Northland's growth rate of real GDP in 2013? 1) _______ A) 0.38 percent B) 11.1 percent C) 9.0 percent D) 8.3 percent E) 3.8 percent 3) Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP...
A.) Suppose that country X has current GDP of $7250 billion. The current GDP deflator is...
A.) Suppose that country X has current GDP of $7250 billion. The current GDP deflator is 130. In the base year, the nominal GDP for country X was also $7250 billion. What is country current X’s real GDP in base year prices? What is the rate of economic growth between the base year and the current year? B.) Let us imagine that there is a country which displays the following statistics. C (Consumption) is one-half of GDP, and I (Investment)...
Country X's population was approximately 1.2 billion (or 1,200 million). That same year, Country Y's population...
Country X's population was approximately 1.2 billion (or 1,200 million). That same year, Country Y's population was approximately 900 million. With which of the following real GDP would Country X's standard of living have been considered higher than Country Y's that year? 1 Country X's real GDP = 900 billion; Country Y's real GDP = 500 billion 2 Country X's real GDP = 24 trillion; Country Y's real GDP = 19 trillion 3 Country X's real GDP = 18 trillion;...
Last year Panglossia had real GDP of 27.0 billion. This year it had real GDP of...
Last year Panglossia had real GDP of 27.0 billion. This year it had real GDP of 31.5 billion. Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year? The population decreased from 88 million to 84 million. The population decreased from 75 million to 73 million. The population increased from 45 million to 50 million. The population increased from 60 million to 62 million. Can someone...
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP...
GDP per Capita Growth and Rule of 72 Current Year Previous Year Growth Rate Real GDP $8.4 trillion $8.0 trillion Population 202 million 200 million GDP per Capita $ $ Formulas you could use: Growth Rate in percentage = (Current year value – previous year value)/ previous year GDP per Capita = Real GDP/population (Ch6 Section 6.4) Future value = Present value x (1 + growth rate)^number of years (Ch7 Section 7.2) Rule of 72: 72/growth rate = number of...
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...
Last year real GDP in an imaginary economy was $10 billion and the population was 2...
Last year real GDP in an imaginary economy was $10 billion and the population was 2 million. This year, real GDP is $12 billion and the population was 2.2 million. What was the growth rate of real GDP per person during the year?
Suppose labour force in Country A increases from 100 in 2017 to 200 in 2018. Explain...
Suppose labour force in Country A increases from 100 in 2017 to 200 in 2018. Explain the effect of this increase on real GDP, real GDP per capita and average labour productivity.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Consider insertsort. Suppose that the input array A has 1% probability to be monotonically decreasing. Show...
    asked 6 minutes ago
  • Your company is thinking of introducing a Bring Your Own Device (BYOD) policy. You have been...
    asked 13 minutes ago
  • Attached is the file GeometricObject.java. Include this in your project, but do not change. Create a...
    asked 15 minutes ago
  • Suppose the number of cars in a household has a binomial distribution with parameters n =...
    asked 18 minutes ago
  • HR needs some information on the new interns put into a database. Given an id, email,...
    asked 39 minutes ago
  • Problem solving strategies Questions years = input("Enter a number of years and I'll tell you how...
    asked 43 minutes ago
  • Calculate ?Hrxn for the following reaction: CH4(g)+4Cl2(g)?CCl4(g)+4HCl(g) Use the following reactions and given ?H?s. C(s)+2H2(g)?CH4(g)?H=?74.6kJC(s)+2Cl2(g)?CCl4(g)?H=?95.7kJH2(g)+Cl2(g)?2HCl(g)?H=?184.6kJ Express...
    asked 50 minutes ago
  • ASCII (American Standard Code for Information Interchange) has an encoding for every character of the alphabet,...
    asked 1 hour ago
  • Is home confinement with electronic monitoring a deterrent? Are there negatives to being confined to one’s...
    asked 1 hour ago
  • Social hostility can have severe lasting effects of interperpersonal relationship during our adolescence years, which if...
    asked 1 hour ago
  • - A series RLC circuit has R=15 ?, L=1.5 H, and C=15 ?F. (a) For what...
    asked 1 hour ago
  • TV Circuit has 30 large-screen televisions in a warehouse in Erie and 60 large-screen televisions in...
    asked 1 hour ago