In 2017, Country A had a GDP per capita of $8,500 and a population of 68.6 million people. In 2018, total GDP increased by 6.8%, and population growth was 0.9%. What was the GDP per capita in 2018? If necessary, round any intermediate calculations and your final answer to two decimal places.

In 2017, Country A had a GDP per capita of $8,500 and a population of 68.6 million people. In 2018, total GDP increased by 6.8%, and population growth was 0.9%. What was the GDP per capita in 2018? If necessary, round any intermediate calculations and your final answer to two decimal places.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter20: Growth And Less Developed Countries

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Related questions

Q: s method to fill in the growth rates for Taiwan and Chad in the previous table. Enter the growth…

A: 'GDP(gross domestic product)' is the value of all goods & services that are produced by an…

Q: Suppose a country has a real GDP per capita of $69,000 and grows at a constant rate for the next 49…

A: GDP per capita is calculated by dividing the total gross value contributed by all producers who are…

Q: Consider the table of GDP and population for several imaginary countries. Country GDP in millions…

A: Introduction GDP states the total market value of all final goods and services produced in a year in…

Q: The table shows real GDP per capita (RGDPPC) for the fictitious country of Amerucana for a…

A: The growth rate of RGDPPC from 2011 to 2012 can be calculated as follows.

Q: Real GDP per capita increases by 9% in the first year and by 5% in the second. After 2 years, what…

A: We assume that the real GDP per capita in Year 0 is $100 After one year in Year 1 our GDP increases…

Q: Over the last 60 years or so, Korea has been one of the most successful economies in the world. What…

A: Given: Year GDP Per Capita Population Capital Labour Education 1960 1,224.79 24.749 208,509.8…

Q: Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year…

A: Rule of 70: - it gives the number of years in which an amount of money gets doubled at a particular…

Q: South Africa's real GDP was 3,120 billion rand in 2017 and 3,145 billion rand in 2018. South…

A: The real economic growth rate, also known as the real GDP growth rate, is a measure of economic…

Q: The table provides some data on real GDP and the population of Eastiana in 2018 and 2019. Real GDP…

A: Economic growth = (Real GDP in 2019 - Real GDP in 2018 )/ Real GDP in 2018 = (496860-455000)/455000…

Q: If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it…

A: GDP refers to the value of all final goods and services produced in an economy over a given period…

Q: mall differences in the rate of economic growth can lead to large differences in living standards.…

A: The growth rate of an economy is the rate of growth in real GDP of a nation. The growth rate…

Q: Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36…

A: GDP per capita is calculated by dividing the total gross value contributed by all producers who are…

Q: 2. You are a manager at a large shampoo company and on the search for future markets. You identified…

A: GDP per capita is calculated by dividing the economy's total gross value added by all resident…

Q: Suppose a country a real GDP of $175. What will the size of the GDP be after 13 years if the economy…

A: The size of the GDP after 13 years is given as = Current Real GDP * (1+per annum growth rate of…

Q: If a country’s GDP grows by 10% per year, why isn’t the number of years it takes to double the GDP…

A: Gross domestic product estimates the financial worth of conclusive goods and services — that is,…

Q: Using the rule of 70 and assuming real GDP per capita increases at 4% per year, how many years will…

A: As given Real GDP per capita increases at 4% per year According to rule of 70 Number of years =…

Q: 1. Economic growth around the world The following table reports real income per person for several…

A: From the above given information, the answers are below:

Question

In 2017, Country A had a GDP per capita of $8,500 and a population of 68.6
million people. In 2018, total GDP increased by 6.8%, and population
growth was 0.9%. What was the GDP per capita in 2018? If necessary,
round any intermediate calculations and your final answer to two decimal
places.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define GDP

VIEW

Step 2: Calculate GDP

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 11 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million. In 2000, Denmark had 3 GDP of 160 billion (measured in U.S. dollars} and a population of 5.3 million. By what percentage did Denmarks GDP per capita rise between 1980 and 2000?
Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/ home.aspx) for India, Spain, and South Africa for the most recent year available: â€¢ GDP in constant international dollars or PPP â€¢ Population â€¢ GOP per person in constant international dollars â€¢ Mortality rate, infant (per 1,000 live births) â€¢ Health expenditure per capita (current U.S. dollars) â€¢ Life expectancy at birth, total (years)
Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.
Using the research skills you have acquired, retrieve the following data from The World Bank database (http://databank.worldbank.orgdata home.aspx) for India, Spain, and South Africa for 20102015, if available: â€¢ Telephone lines â€¢ Mobile cellular subscriptions â€¢ Secure Internet servers (per one million people) â€¢ Electricity production (kWh) Prepare a chart that compares these three countries. Describe the key differences between the countries.
Why do you think it is difficult for high-income countries to achieve high growth rates?
Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retiree