Suppose the Real GDP in an Economy in the Year

question 47

Multiple Choice

Suppose the real GDP in an economy in the year 1999 was $2, 000 and the total population was 500.The economy experienced a 5% growth in real GDP and a 2% growth in its population in 2000.Calculate the change in per capita income of the economy during this period.

• A)+1%
• B)+2.5%
• C)-3%
• D)+3%
• E)-4%

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Definitions:

Younger Workers

Refers to employees typically in the early stages of their careers, often categorized as Millennials or Generation Z in workforce demographics.

Women

Refers to adult female humans but in certain contexts, can denote all individuals of female sex or gender within a societal or professional aspect.

Union Steward

A representative of unionized workers who serves as the liaison between the employees and the management, safeguarding the interests and rights of the union members.

Labor Agreement

A formal contract between employers and employees (often through their unions) outlining wages, working conditions, and other employment terms.