ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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(1) Use the data from the following table to calculate the
|
Country |
Year |
GDP (billions in U.S. $) |
Population (millions) |
|
Estonido |
2017 |
525.50 |
73 |
|
Galicia |
|
1,658.00 |
118.25 |
|
Estonido |
2018 |
721.75 |
78 |
|
Galicia |
|
1,724.30 |
121.8 |
- (a) $925 for Estonido and $1,412 for Galicia in 2017.
- (b) $9,253 for Estonido and $14,157 for Galicia in 2017.
- (c) $7,199 for Estonido and $14,021 for Galicia in 2017.
(2) When calculating GDP as the sum total of all spending, which of the following should be included?
(a) government purchases of labor, goods, and services.
(b) government transfer payments.
(c) savings.
(3) For productivity to increase
(a) the total number of hours worked has to increase.
(b) the value of the production per hour worked has to increase.
(c) the total production or output has to increase.
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