Answer:
Ethiopia = $146; Costa Rica = $2,250
Explanation:
The GDP per person, also known as GDP per capita is a very simple formula:
GDP Per Capita = Country's GDP / Country's Population
A) Ethiopia GDP Per Capita = $8,000,000,000 / 55,000,000
= $146
B) Costa Rica GDP Per Capita = $9,000,000,000 / 4,000,000
= $2,250
Answer:
True
Explanation:
The statement is true.
Suppose a consumer purchases a bundle of goods, say 40 units with his given money income of $1000.
Now, if there is a fall in the price level of the goods then this will increase the purchasing power of the consumer and hence he will be able to buy more quantity of goods, say 60 units with the same level of money income i.e $1,000.
This illustrates that as the price level falls, the purchasing power of the consumer increases or we can say that holders of money become richer.
Answer:
The new Quantity to be sold at $1 is 200 in the short run
Explanation:
The question is to determine the Popsicle sold each day in the short run for a price rise of $1
The formula to use for the Price elasticity of supply in short run
(New Quantity demanded - Old Quantity demanded )/ Old Quantity + New Quantity/ 2
÷
(New Price - Old Price) / (Old Price + New Price)/ 2
The formula can also be simply written as
[(Q2 – Q1)/{(Q1 + Q2)/2}] / [(P2 – P1)/{(P1 + P2)/2}]
Step 2: Solve using the formula
Old Quantity = 100
New Quantity = Q2
Old Price = 0.50
New Price = $1
Solve:
[(Q2 – 100)/{(100+ Q2)/2}] / [(1 – 0.50)/{(0.50 + 1)/2}] = 1
=100 + Q2= 3Q2-300
= 2Q2= 400
Q2= 400/2
Q2= 200
The new Quantity to be sold at $1 is 200
Answer:
The cyclical unemployment rate is 4.2%
Explanation:
There is a natural unemployment rate which contains every unemployment rate which is cyclical unemployment plus structural unemployment plus frictional unemployment, so then in order to get cyclical unemployment we will use the below formula:
natural unemployment = Frictional unemployment + Cyclical unemployment +structural unemployment
therefore we are given the natural unemployment rate of 11%
Frictional Unemployment Rate of 4.4%
Structural unemployment rate of 2.4%
then we substitute on the above mentioned formula and solve for cyclical unemployment
11% =4.4% + Cyclical Unemployment Rate+ 2.4% then we transpose and solve for cyclical unemployment rate
11% - 4.4% -2.4% = Cyclical Unemployment Rate
4.2 % = Cyclical unemployment rate
this unemployment rate goes with the business cycle of any business in which if there is a recession in an economy it is accounted for even if there is economic growth it is accounted for.
Definielty not C. It would be B becuase 600+40=640 and so that is less than 700 and less than 800.
