Chapter 19: Problem 18
What are the two main difficulties that arise in comparing different countries's GDP?
Chapter 19: Problem 18
What are the two main difficulties that arise in comparing different countries's GDP?
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The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of 4.862 million. The exchange rate is \(284.681 \mathrm{CFA}\) francs per dollar. Calculate the GDP per capita of Central African Republic.
How do you convert a series of nominal economic data over time to real terms?
Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
Ethiopia has a GDP of \$8 billion (measured in U.S. dollars) and a population of 55 million. costa Rica has a GDP of \(\$ 9\) billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.
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