Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn

Exercise 1

In 2010 Forbes magazine listed Bill Gates, the founder of Microsoft, as the richest person in the United States. His personal wealth was estimated to be $53 billion. Given that there were about 309 million people living in the United States that year, how much could each person have received if Gates' wealth had been divided equally among the population of the United States? (Hint: A billion is a 1 followed by 9 zeros while a million is a 1 followed by six zeros.) LO1