4. Ethiopia has a GDP of $8 billion (measured in U.S. dollars) and a population

Question

4. Ethiopia has a GDP of $8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of $9 billion (measured in U.S. dollars) and a population of 4 million Calculate the per capita GDP for each country and identify which one is higher. Due: 9/30 Chapter 6 1. Are the following goods included in the GDP? a A car made by an American automaker in the United States b.A car made by a Japanese automaker in the United States c. A car made by an American automaker in Mexico d A set of Michelin tires made in the United States, but sold to Ford to put on a car for final assembly e. A used car 2. Calculate the GDP of the country described below: Consumption S5 trillion Investments $2 trillion Governmert Expenditures S3 trillion Net Exports $1 trillion 3. Suppose a country makes only bread and fish. They make 10 bread for $5 per bread and 20 fish for $2 per fish. What is this country's GDP?

Explanation / Answer

2. GDP= C+I+G+NX

GDP = (5+2+3+1) trillion

= $ 11 trillion

3.If a country makes only bread and fish .

Then , GDP = ($5)(10)+($2)(20)= $(50+40)

GDP= $90

4. Ethopia's per capita GDP= $8 billion/55 million = 8000/55 = 145.45

Costa Rica's per capita GDP = $9 billion/4 million = 9000/4 = 2250.

Costa Rica has higher per capita GDP.

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