Question 7 (8 pts.) Suppose you are given the following information for the coun

ID: 1215738 • 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 capita 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

a. What is the income per capita in Lusitania? (1 pt.)

Income/population = $ 2.476 billion US/190 million = 2476million/190million = $13.03 million

b. What is the income per worker in Lusitania? (1 pt.)

13.03 miilion / 80 million = 0.16 million

Both the countries have same data.

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