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1. In a given year, a country's GDP in terms of the country's own dollars is $235 billion.
a. If the country's population is 6 million, then what is its per capita GDP?
b. If each of the country's own dollars is worth US$0.56, then what is the country's per capita GDP in terms of US dollars?
c. If each of the country's dollars is worth US$0.60 after adjusting for purchasing-power parity, then what is the country's per capita GDP in PPP-adjusted US dollars?
d. Is the PPP-adjusted US dollar value of the country's currency higher or lower than the unadjusted US dollar value? What does this say about the prices in this country relative to those in the United States?
2. a. When is a country's GNI higher than its GDP?
b. Do residents of a country benefit when GNI is higher than GDP?
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