(1) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 isCountryYearGDP (billions in U.S. $)Population (millions)Estonido2017525.5073Galicia 1,658.00118.25Estonido2018721.7578Galicia 1,724.30121.8 (a) $925 for Estonido and $1,412 for Galicia in 2017.(b) $9,253 for Estonido and $14,157 for Galicia in 2017.(c) $7,199 for Estonido and $14,021 for Galicia in 2017.(2) When calculating GDP as the sum total of all spending, which of the following should be included?(a) government purchases of labor, goods, and services.(b) government transfer payments.(c) savings. (3) For productivity to increase(a) the total number of hours worked has to increase.(b) the value of the production per hour worked has to increase.(c) the total production or output has to increase.

Given that YEAR COUNTRY GDP(Bn) Population(Mn) 2017 Estonido 525.5 73 glacia 1658 118.25 2018 Estonido 721.75 78 glacia 1724.30 121.8 1) Per capita GDP of both the country can be calculated by the dividing total GDP by the total population Per capita for estonido = 525500000000/73000000 =7198.6301 Per capita for glacia = 1658*10^9/78*10^6 = 14021.1416 Answer $7,199 for Estonido and $14,021 for Galicia in 2017.2 ) calculation of the GDP by the expenditure method aggregate the total expenses made by the government and the individuals in the economy. Answer a) government purchases of labour, goods, and services. 3) increment in the productivity takes place after the technological enhancement or the making efficient production process. Answer (b) the value of the production per hour worked has to increase.

Answered: Use the data from the following table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 is

Country	Year	GDP (billions in U.S. $)	Population (millions)
Estonido	2017	525.50	73
Galicia		1,658.00	118.25
Estonido	2018	721.75	78
Galicia		1,724.30	121.8

(a) $925 for Estonido and $1,412 for Galicia in 2017.
(b) $9,253 for Estonido and $14,157 for Galicia in 2017.
(c) $7,199 for Estonido and $14,021 for Galicia in 2017.

(2) When calculating GDP as the sum total of all spending, which of the following should be included?

(a) government purchases of labor, goods, and services.

(b) government transfer payments.

(3) For productivity to increase

(a) the total number of hours worked has to increase.

(b) the value of the production per hour worked has to increase.

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