Asked by
Shivi Agrawal
on Nov 25, 2024
Verified
An IAC (industrially advanced country) had a per capita income of $28,200, while a DVC (developing country) had a per capita income of $1,200 in a given year. If both countries experience a per-capita-income growth of 2 percent, then the per-capita-income gap one year later will be
A) $27,540.
B) $540.
C) $27,000.
D) $32,400.
Industrially Advanced
Describes countries or regions that have highly developed industrial sectors including manufacturing, infrastructure, and technology.
Per Capita Income
The average income earned per person in a given area or country, calculated by dividing the total income of the area by its population.
- Analyze adjustments in per capita earnings and acknowledge their implications.
Verified Answer
TU
Learning Objectives
- Analyze adjustments in per capita earnings and acknowledge their implications.