Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
Textbook Question
Book Icon
Chapter 32, 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.

Chapter 32, Problem 1SCQ, Using the data in Table 32.3, rank the seven regions of the world according to GDP and then

Expert Solution & Answer
Check Mark
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

(in millions)

(a)

GDP per capita

(b)

GDP=(a)×(b)

(in millions)

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

(in millions)

(a)

GDP per capita

(b)

GDP=(a)×(b)

(in millions)

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Case Study: The Impact of Ebola on Tax Revenue in the DRC                                                                                         Background: The Democratic Republic of the Congo has experienced mulitiple outbreaks, with the 2018-2020 outbreak being one of the most severe. The outbreak had profound effects on public health, the economy and government operations. The DRC's economy already fragile due to policital instability and conflict, faced additional stain as the Ebola virus spread across several provinces. Economic disruption: The Ebola outbreak led to significant disruptions in the affected regions. Businesses were forced to close or reduce operations due to quarantine measures and the fear of contagion. this resulted in a sharp decline in economic activities, particularly in sectors such as agriculute, mining and trade. reduced consumer spending and interruptions in supply chains further exacerbated the economic downturn. Impact on Tax Revenue: the economic…
Key shortcomings of the Human Capital approach to measuring the monetary value of benefits of new treatments are that it Will generate lower benefits for male lives on average Will generate higher benefits for female lives on average Will tend to OVERVALUE improvements in quality of life Will tend to UNDERVALUE improved survival for people out of labour force
One of the key concepts in economics that underpins the necessity of making tough choices and confronting difficult tradeoffs through some form of collective decision-making is called Production Consumption Exchange Equity Scarcity

Chapter 32 Solutions

Principles of Economics 2e

Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
Survey Of Economics
Economics
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
MACROECONOMICS FOR TODAY
Economics
ISBN:9781337613057
Author:Tucker
Publisher:CENGAGE L
Text book image
Economics For Today
Economics
ISBN:9781337613040
Author:Tucker
Publisher:Cengage Learning
Text book image
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Text book image
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning