Asked by
Chelsea Rosales
on Nov 26, 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 their respective per-capita-income levels one year later will become
A) $33,840 and $1,440.
B) $28,764 and $1,224.
C) $33,840 and $1,224.
D) $28,764 and $1,440.
Per Capita Income
The average income earned per person in a specific area or country, calculated by dividing the area's total income by its total population.
Income Growth
An increase in the amount of money received from work, investment, or other sources, over time, contributing to economic expansion or personal wealth.
- Gain insight into the concept and ramifications of differences in income per individual among nations, including the influences on these differences.
Verified Answer
KJ
Learning Objectives
- Gain insight into the concept and ramifications of differences in income per individual among nations, including the influences on these differences.
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