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Determine the term- GDP per capita
GDP, being a flow, isn't a measure of the total wealth of a country though a measure of the "income" of country during a certain period of time. Sure, if GDP is high, it's quite likely that total wealth of the country is increasing over time (some wealth is lost to depreciation). So there is generally a connection between what we perceive as a "rich" country and a high GDP per capita.
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Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on
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