Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. Instructions: Round your answers to the nearest whole number. a. How large Is its population? 10000 b. If Its population grows by 2 percent in some year while its total income grows by 4 percent, what will be its new Income per capita rounded to full dollars? c. If the population had not grown during the year, what would have been its income per capita?

Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. Instructions: Round your answers to the nearest whole number. a. How large Is its population? 10000 b. If Its population grows by 2 percent in some year while its total income grows by 4 percent, what will be its new Income per capita rounded to full dollars? c. If the population had not grown during the year, what would have been its income per capita?

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter6: How Statisticians Measure Inflation

Section: Chapter Questions

Problem 1TY

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Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. How large is its population? If its population grows by 2 percent in some year while its total income grows by 3 percent, what will be its new income per capita rounded to full dollars? If the population had not grown during the year, what would have been its income per capita?
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