1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ipatiy [6.2K]
3 years ago
13

In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000. In 2011 it had a population of 5,200

and real GDP of 636,480. During 2011 real GDP per person in Bovina grew by a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
Business
1 answer:
Evgesh-ka [11]3 years ago
6 0

Answer:

Option (b) is correct.

Explanation:

In 2010,

Real GDP = 600,000

Population = 5,000

Real GDP per person:

= Real GDP ÷ Population

= 600,000 ÷ 5,000

= 120

In 2011,

Real GDP = 636,480

Population = 5,200

Real GDP per person:

= Real GDP ÷ Population

= 636,480 ÷ 5,200

= 122.4

Growth rate of real GDP per person during the year 2011:

= [(Real GDP per person in 2011 - Real GDP per person in 2010) ÷ Real GDP per person in 2010] × 100

= [(122.4 - 120) ÷ 120] × 100

= (2.4 ÷ 120) × 100

= 0.02 × 100

= 2%

It was seen from the data available on the world bank that the United states real GDP per person is growing at an average rate of 2% between 1910 and 2010.

Hence, the Growth rate of real GDP per person during the year 2011 is about the same as average U.S. growth over the last one-hundred years.

You might be interested in
In 2018, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 20
MaRussiya [10]

Answer:

Dr Retained earnings $8.2

Cr Inventory $8.2

Explanation:

By changing method of an inventory valuation, the company should apply it retrospectively based on IAS 8 guidelines on change in accounting estimates and errors. Thus, the said difference from FIFO method to Weighted Average method of valuation should be credited directly against Retained earnings account because, accounts are already closed right after the year ended.

$32-$23.8= $8.2 million

To record the said adjustment you have to

Debit Retained earnings and credit Inventory in the amount of $8.2 million.

4 0
3 years ago
True or false 1. Satisfying customer wants at a reasonable price is important to business success.
Marina CMI [18]
This is a mixture of both. You may lose a customer if you don't but most likely you will still have enough to keep moving forward with your career so I would say False
5 0
3 years ago
Industry-level strategy is a corporate strategy that addresses the question "how should we compete against a particular firm in
Alik [6]
The answer is false.
8 0
3 years ago
What disadvantage a They would be ineligible to receive b. They would receive only a partal benefit for as long as they collect
ArbitrLikvidat [17]

The correct answer is B:They would receive only a partial benefit for as long as they collect Social Security. The age at which Americans are eligible to receive full Social Security benefits is 65. The earliest age, assuming one is not disabled, one can apply for Social Security is 62. However, if an individual claims Social Security early between the ages of 62-64, it will be at a reduced rate.

5 0
3 years ago
What is one way that the government cannot prevent a budget deficit?
Anna007 [38]

Answer:

The answer is Selling Stocks

3 0
2 years ago
Other questions:
  • Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that
    8·1 answer
  • Why is hazard city at more risk for lahars than hutton or wrightstown, even though they are closer to lava mountain than hazard
    13·1 answer
  • The Sherman Antitrust Act (1890)
    5·1 answer
  • 1-
    13·1 answer
  • The equation which shows a company’s resources equal claims to those resources is___________.a.Assets = Liabilities + Stockholde
    6·1 answer
  • One of the most talented managers to ever work at ABC Inc. is Amy Holmes. Combining graciousness intelligence and creativity. Am
    11·1 answer
  • Maria Am Corporation uses a process costing system. The Baking Department is one of the processing departments in its strudel ma
    7·1 answer
  • Scott Company had sales of $12,050,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott
    10·1 answer
  • This week's assignment is to pretend that the career services office at your university wants to develop a system that collects
    6·1 answer
  • PROBLEM: The Chicago Cubs play their home games at Wrigley Field, located in the Lakeview neighborhood of Chicago. A recent New
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!