Countries Population (in million)… | Economics

Question 1 Report

Countries	Population (in million)	Gross National product (in million Dollars)
R	120	2,500
S	180	12,000
T	60	4,000
U	100	6,500
V	25	2,500

(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.
(ii) Determine the range of the per capita incomes of the five countries.
(iii) Which one of the countries enjoyed the highest standard of living?

(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.

Answer

Country	GNP (million dollars)	Population (million)	Per capita income (dollars)
R	2,500	120	\(\frac{2500}{120}=20.83\)
S	12,000	180	\(\frac{12000}{180}=66.67\)
T	4,000	60	\(\frac{4000}{60}=66.67\)
U	6,500	100	\(\frac{6500}{100}=65.00\)
V	2,500	25	\(\frac{2500}{25}=100.00\)

Country	Calculation	Percentage of total population
R	\(\frac{120}{485}\times100\)	24.74%
S	\(\frac{180}{485}\times100\)	37.11%
T	\(\frac{60}{485}\times100\)	12.37%
U	\(\frac{100}{485}\times100\)	20.62%
V	\(\frac{25}{485}\times100\)	5.15%
Total	100.00%

Answer Details

Solution

(a)(i) Per capita income

\[\text{Per capita income}=\frac{\text{GNP (million dollars)}}{\text{Population (million persons)}}\]

Country	GNP (million dollars)	Population (million)	Per capita income (dollars)
R	2,500	120	$\frac{2500}{120}=20.83$
S	12,000	180	$\frac{12000}{180}=66.67$
T	4,000	60	$\frac{4000}{60}=66.67$
U	6,500	100	$\frac{6500}{100}=65.00$
V	2,500	25	$\frac{2500}{25}=100.00$

(a)(ii) Range of per capita incomes

\[\$100.00-\$20.83=\boxed{\$79.17}\]

(a)(iii) Country V enjoyed the highest standard of living because it has the highest per capita income, $\$100.00$.

(b) Percentage distribution of population

Total population $=120+180+60+100+25=485$ million.

Country	Calculation	Percentage of total population
R	$\frac{120}{485}\times100$	24.74%
S	$\frac{180}{485}\times100$	37.11%
T	$\frac{60}{485}\times100$	12.37%
U	$\frac{100}{485}\times100$	20.62%
V	$\frac{25}{485}\times100$	5.15%
Total		100.00%