Question: Suppose that real output for a small developing country in year 1 is $4.1 billion and that population is 3.9 million. Instructions: In parts a

Suppose that real output for a small developing country in year 1 is $4.1 billion and that population is 3.9 million. Instructions: In parts a and b, round your answers to the nearest dollar. a. What is per capita GDP? $ b. If real output in year 5 increases to $4.3 billion and population increases to 4.1 million, what is the new per capita GDP? $ 1049 c. Has the average standard of living for this small developing country undergone an increase or a decrease? (Click to select)

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