BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

Solutions

Chapter
Section
BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

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

To determine

The rank: The given regions of the world according to the GDP and then according to the GDP per capita

Explanation

As per the table given, the rankings are as follows:

    CountriesPopulation

      (in millions)

      (a)

    GDP per capita

      (b)

      GDP=(a)×(b)

      (in millions)

    Ranking as GDP
    East Asia and Pacific  2,006  $5,536  $1,04,50,032I
    Latin America and Caribbean  588  $9,536  $53,39,390II
    South Asia  1,671  $1,482  $22,88,812III
    Europe and Central Asia  272.20  $7,118  $18,62,384IV
    Middle East and North Africa  345.40  $3,456  $15,41,900V
    Sub-Saharan Asia  936.10  $1,657  $12,87,650VI
    CountriesPopulation

      (in millions)

      (a)

    GDP per capita

      (b)

      GDP=(a)×(b)

      (in millions)

    Ranking as GDP per capita
    Latin America and Caribbean  588  $9,536  $53,39,390I
    Europe and Central Asia  272.20  $7,118  $18,62,384II
    East Asia and Pacific  2,006  $5,536  $1,04,50,032III
    Middle East and North Africa  345.40  $3,456  $15,41,900IV
    Sub-Saharan Asia  936.10  $1,657  $12,87,650V
    South Asia  1,671  $1,482  $22,88,812VI
Concept

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 .

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Describe the role of prices in market economics.

Principles of Economics (MindTap Course List)

Explain two ways in which a government budget deficit hurts a future worker.

Brief Principles of Macroeconomics (MindTap Course List)

Some income from capital is taxed twice. Explain.

Principles of Macroeconomics (MindTap Course List)

Discuss the pros and cons of having the directors formally announce a firms future dividend policy.

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

At what two times should the petty cash fund be replenished?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Discuss the pros and cons of having the directors formally announce a firms future dividend policy.

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

What is a separation report?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Describe the six basic rights of consumers.

Foundations of Business (MindTap Course List)

Find all the answers to your study problems with bartleby.
Textbook solutions plus Q&A. Get As ASAP arrow_forward