Question 7 (8 pts.) Suppose you are given the following information for the coun
ID: 1215867 • Letter: Q
Question
Question 7 (8 pts.) Suppose you are given the following information for the country Lusitania:
2012
Population; total in Lusitania
190 million
Employment
80 million
Gross Domestic Product (GDP)
$ 2.476 billion US
a. What is the income per capita in Lusitania? (1 pt.)
b. What is the income per worker in Lusitania? (1 pt.)
The following table gives you the same information for the country Arctica.
2012
Population; total in Arctica
190 million
Employment
80 million
Gross Domestic Product (GDP)
$ 2.476 billion US
c. What is the income per captia in Arctica?
d. What is the income per worker in Arctica? (1 pt.)
e. Based on the given information, would Arctica be considered more productive than Lusitania? Explain your answer? (2 pts.)
f. How would you use the information given in both these tables to compare living standard in Lusitania and Arctica? (2 pts.)
2012
Population; total in Lusitania
190 million
Employment
80 million
Gross Domestic Product (GDP)
$ 2.476 billion US
Explanation / Answer
Lusitania
Income per capita=GDP/total population
Income per capita= $ 2476 million/80 million=$30.95
Income per worker=$ 2476 million/190 million=$13.03
Africa
Income per capita=GDP/total population
Income per capita= $ 2476 million/80 million=$30.95
Income per worker=$ 2476 million/190 million=$13.03
Both are equally productive and have same living standard and income per capita and income per worker are both same.
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