Chapter 19, Problem 1SCQ

Using the data in Table 32.3, rank the seven regions of the world according to GDP and then according to GDP per capita.

To determine

The rank:

The given regions of the world according to the GDP and then according to the GDP per capita

Explanation of Solution

As per the table given, the rankings are as follows:

Countries	Population $\left(\text{in millions}\right)$ $\left(\text{a}\right)$	GDP per capita $\left(\text{b}\right)$	$\text{GDP}=\left(\text{a}\right)\times \left(\text{b}\right)$ $\left(\text{in millions}\right)$	Ranking as GDP
East Asia and Pacific	$2,006$	$\$5,536$	$\$1,04,50,032$	I
Latin America and Caribbean	$588$	$\$9,536$	$\$53,39,390$	II
South Asia	$1,671$	$\$1,482$	$\$22,88,812$	III
Europe and Central Asia	$272.20$	$\$7,118$	$\$18,62,384$	IV
Middle East and North Africa	$345.40$	$\$3,456$	$\$15,41,900$	V
Sub-Saharan Asia	$936.10$	$\$1,657$	$\$12,87,650$	VI

Countries	Population $\left(\text{in millions}\right)$ $\left(\text{a}\right)$	GDP per capita $\left(\text{b}\right)$	$\text{GDP}=\left(\text{a}\right)\times \left(\text{b}\right)$ $\left(\text{in millions}\right)$	Ranking as GDP per capita
Latin America and Caribbean	$588$	$\$9,536$	$\$53,39,390$	I
Europe and Central Asia	$272.20$	$\$7,118$	$\$18,62,384$	II
East Asia and Pacific	$2,006$	$\$5,536$	$\$1,04,50,032$	III
Middle East and North Africa	$345.40$	$\$3,456$	$\$15,41,900$	IV
Sub-Saharan Asia	$936.10$	$\$1,657$	$\$12,87,650$	V
South Asia	$1,671$	$\$1,482$	$\$22,88,812$	VI

Economics Concept Introduction

Economist measures a nation’s standard of living through its GDP per capita. GDP measures annual economic output that is total value of goods and services produced within a country.

The low-income countries are those which are having GDP per capita income less than $\$1,025$, the middle-income countries are those which are having GDP per capita income between $\$1,025$ and $\$12,475$, and the high-income countries are those which are having GDP per capita income more than $\$12,475$.