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

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