Question

Use the following table to answer the questions below.

Country	GDP in 2012	GDP in 2013	Population in 2013
United States	16,244,575	16,724,272	316,438,601
Mexico	1,177,398	1,327,021	118,818,228
United Kingdom	2,476,665	2,489,674	63,395,574
Kenya	40,697	45,311	44,037,656

Note that GDP numbers are presented in millions (add six zeros on to each of the reported numbers).

1. Calculate the GDP growth rate for each country between 2012 and 2013. Round to one decimal place.

US:

Mexico:

UK:

Kenya:

2. Calculate GDP per capital for each country in 2013. Round to the nearest whole number.

US:

Mexico:

UK:

Kenya:

3. Which country has the highest standard of living?

(Click to select)  Kenya  Mexico  United States  United Kingdom

4. Which country is growing the fastest?

Mexico,United States,Kenya or United Kingdom?

Answer 1

1)GDP growth rate is given by = (GDP of present year - GDP of previous year )/ Gdp of previous year *100

applying the same formula for all the countries we have

so for US we have GDP growth rate as (16,724,272- 16,244,575)/ 16,244,575 *100

= 0.029529 = 2.9%

for Mexico gdp growth rate = (1,327,021-1,177,398)/1,177,398*100

= 0.12707*100 = 12.7%

for UK gdp growth rate is (2,489,674- 2,476,665)/2,476,665 *100

= 0.00525 *100 =0.5%

for Kenya gdp growth rate (45,311-40,697)/40,697*100

= 0.1133*100= 11.3%

2)Gdp per capita is given by GDp in that year / population in that year

so GDP per capita for US is 16,724,272, 000,000/ 316,438,601

= 52852 $

GDP per capita in mexico is 1,327,021,000,000/ 118,818,228

= 11168

gdp per capita in UK= 2,489,674,000,000/ 63,395,574

= 39272

gdp per capita in kenya = 45,311,000,000/ 44,037,656

= 1029

3)US has highest standard of living which is usually the level of wealth, material goods etc.

4) Mexico is the fastest growing economy out of the 4 because its growth rate is highest ie 12.7%