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You are given the following information relating to a particular country - Leaving Cert Economics - Question 6 - 2006

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You are given the following information relating to a particular country. Gross National Product (GNP) at market prices €500 m €1,200 m Population 10 million 1... show full transcript

Worked Solution & Example Answer:You are given the following information relating to a particular country - Leaving Cert Economics - Question 6 - 2006

Step 1

Calculate GNP per person for 1995

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Answer

To find the GNP per person for 1995, use the formula:

GNPextperperson=GNPPopulationGNP ext{ per person} = \frac{GNP}{Population}

Given:

  • GNP for 1995 = €500 million
  • Population for 1995 = 10 million

Calculating:

GNPextperperson=50010=€50GNP ext{ per person} = \frac{500}{10} = €50

Step 2

Calculate GNP per person for 2005

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Answer

Next, for 2005, we will apply the same formula:

GNPextperperson=GNPPopulationGNP ext{ per person} = \frac{GNP}{Population}

Given:

  • GNP for 2005 = €1,200 million
  • Population for 2005 = 12 million

Calculating:

GNPextperperson=120012=€100GNP ext{ per person} = \frac{1200}{12} = €100

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