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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 ... 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 the GNP per person for 1995

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Answer

To find the Gross National Product (GNP) per person for 1995, we use the formula:

extGNPperperson=extGNPextPopulation ext{GNP per person} = \frac{ ext{GNP}}{ ext{Population}}

Substituting in the values for 1995:

extGNPperperson=€500 m10 million=500,000,00010,000,000=€50 ext{GNP per person} = \frac{€500 \text{ m}}{10 \text{ million}} = \frac{500,000,000}{10,000,000} = €50

Step 2

Calculate the GNP per person for 2005

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Answer

Similarly, for 2005, we use the same formula:

extGNPperperson=extGNPextPopulation ext{GNP per person} = \frac{ ext{GNP}}{ ext{Population}}

Substituting in the values for 2005:

extGNPperperson=€1,200 m12 million=1,200,000,00012,000,000=€100 ext{GNP per person} = \frac{€1,200 \text{ m}}{12 \text{ million}} = \frac{1,200,000,000}{12,000,000} = €100

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