3. Refer to the table below for an imaginary economy of Flowerland. Year Real GDP Population 2015 60 million 45 million 2016 70 million 50 million Based on the information given in the table calculate; • Real GDP Per Person (or capita) • Percentage increase in the real GDP per person over the time period given and analyze.

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Chapter1: Making Economics Decisions
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Can you please answer the questions 3 and 4.
3. Refer to the table below for an imaginary economy of
Flowerland.
Year Real GDP
Population
2015
60 million
45 million
2016
70 million
50 million
Based on the information given in the table calculate;
• Real GDP Per Person (or capita)
• Percentage increase in the real GDP per person over the
time period given and analyze.
4. In an imaginary economy of Cotton Land, 190,000 tons of
cotton were produced in a day. The number of people who were
involved in this production was 4500 and each of them worked
for 8 hours. Further, there are 50 companies that employed
these people in their processing plants. Calculate the
productivity of this economy.
Transcribed Image Text:3. Refer to the table below for an imaginary economy of Flowerland. Year Real GDP Population 2015 60 million 45 million 2016 70 million 50 million Based on the information given in the table calculate; • Real GDP Per Person (or capita) • Percentage increase in the real GDP per person over the time period given and analyze. 4. In an imaginary economy of Cotton Land, 190,000 tons of cotton were produced in a day. The number of people who were involved in this production was 4500 and each of them worked for 8 hours. Further, there are 50 companies that employed these people in their processing plants. Calculate the productivity of this economy.
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