Question: A country’s GDP is $500 billion and the population is 10 million. What is the GDP per capita?
Options:
$50,000
$5,000
$500
$5,000,000
Correct Answer: $5,000
Solution:
GDP per capita = GDP / Population = 500 billion / 10 million = $50,000.
A country’s GDP is $500 billion and the population is 10 million. What is the GD
Practice Questions
Q1
A country’s GDP is $500 billion and the population is 10 million. What is the GDP per capita?
$50,000
$5,000
$500
$5,000,000
Questions & Step-by-Step Solutions
A country’s GDP is $500 billion and the population is 10 million. What is the GDP per capita?
Step 1: Identify the GDP of the country, which is $500 billion.
Step 2: Identify the population of the country, which is 10 million.
Step 3: Convert the GDP into the same unit as the population if necessary. Here, we can keep GDP in billions and population in millions.
Step 4: Use the formula for GDP per capita: GDP per capita = GDP / Population.
Step 5: Substitute the values into the formula: GDP per capita = 500 billion / 10 million.
Step 6: Perform the division: 500 billion divided by 10 million equals $50,000.
GDP per capita – GDP per capita is a measure of a country's economic output that accounts for its number of people, calculated by dividing the GDP by the population.
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