The economy of a developing country grew from a real GDP of $100 million in 1990 to a real GDP of $ 120 million in 1991. The countrys population grew from 100 million individuals in 1990 to 130 million individuals in 1991. Based on this information, the average individual in this country in 1991, compared to 1990, was probably (careful: if per capita GDP increases, the average individual is usually better off. ): a. Better off economically b. Equally well off, but only if the entire real GDP was spent on food in both years. c. Worse off economically.

The economy of a developing country grew from a real GDP of $100 million in 1990 to a real GDP of $ 120 million in 1991. The countrys population grew from 100 million individuals in 1990 to 130 million individuals in 1991. Based on this information, the average individual in this country in 1991, compared to 1990, was probably (careful: if per capita GDP increases, the average individual is usually better off. ): a. Better off economically b. Equally well off, but only if the entire real GDP was spent on food in both years. c. Worse off economically.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....

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