Refer to Table 22-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?
GDP per capita = GDP / Population.
GDP per capita in Bulgaria: $55,700,000 / 7,200 = $7,736.11.
GDP per capita in Indonesia: $888,500,000 / 254,500 = $3,491.16.
GDP per capita in South Africa: $349,800,000 / 54,000 = 6,477.78.
GDP per capita in Turkey: $186,200,000 / 90,700 = $2,052.92.
Bulgaria has the highest standard of living because it has the highest GDP per capita.
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If the supply of a product decreases by more than the demand increases: a. the price will rise and the quantity traded will fall
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