Econ 114-HW#1

Econ 114-HW#1 - Econ 114 6/29/08 HW#1 1. 1960- Average=...

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Econ 114 6/29/08 HW#1 1. 1960- Average= 3,590.35, minimum= 407.82, maximum= 16,010.25 2000- Average= 8,991.90, minimum= 245.82, maximum= 47,020.31 Over time since 1960, both the average GDP as well as the maximum GDP have gone up. However, the minimum has decreased. This shows that although the average person is better off, there is an ever-growing gap between the rich and the poor. The rich got richer and the poor got poorer. 2. Average Growth rate= 0.02 Minimum Growth rate= -0.04 Maximum Growth rate= 0.07 3. Western Europe Asia Africa Average-1960 3199 3379 3410 Average-2000 9117 9818 8202 Max-1960 7364 8786 11745 Max-2000 26375 28538 28758 Min-1960 746 456 527 Min-2000 1330 678 245 The minimum level of income per capita has decreased significantly, however the minimum in the other countries has grown significantly. The maximum was grown in all of the countries and all of the countries have a relatively equal value. This means that the richest people in each of the countries are comparable to rich people in other countries. In Africa, the poor keep on getting poorer while the poor in Western Europe and Asia are
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This note was uploaded on 06/30/2009 for the course ECON 114 taught by Professor Cindybenelli during the Spring '08 term at UCSB.

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Econ 114-HW#1 - Econ 114 6/29/08 HW#1 1. 1960- Average=...

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