Characteristics and Institutions of Developing Countries
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- Characteristics and Institutions of Developing Countrieseconomics-mcqs › characteristics-and-institutions-of-developing-countries
- Published
- 2 Jun 2019
- Last updated
- 28 May 2026
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If the real income of Developing Island rises from $120,000 in 2005 to $160,000 in 2006, and its population grows from 1,000 to 1,100 during that time, approximately how much did the real income per person increase?
Multiple choice question for Characteristics and Institutions of Developing Countries. Select an option, then review the explanation below.
Explanation
To find the increase in real income per capita, first calculate the income per person for each year. In 2005, income per capita was $120,000 ÷ 1,000 = $120. In 2006, it was $160,000 ÷ 1,100 ≈ $145.45. The difference is approximately $25, which represents the increase in real income per person.
More Characteristics and Institutions of Developing Countries MCQs
Practice related questions from the same subject.
- 1.What characteristic sets a dual economy apart from other types of economies?
- 2.What defines a dual economy in a country?
- 3.What is the ratio between the population density of developing nations and the total population of developed nations?
- 4.In low-income nations, how much surplus does the typical farming household generate?
- 5.Identify the country from the list below that is classified as a middle-income nation rather than a high-income one.