If a country has a GDP of $1.2 trillion and a population of 300 million, what is

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Question: If a country has a GDP of $1.2 trillion and a population of 300 million, what is the GDP per capita?

Options:

Correct Answer: $4,500

Solution:

GDP per capita = 1.2 trillion / 300 million = $4,000.

If a country has a GDP of $1.2 trillion and a population of 300 million, what is the GDP per capita?

If a country has a GDP of $1.2 trillion and a population of 300 million, what is the GDP per capita?

Step 1: Understand that GDP (Gross Domestic Product) is the total value of all goods and services produced in a country.
Step 2: Know that GDP per capita is the GDP divided by the population, which gives the average economic output per person.
Step 3: Identify the GDP value, which is $1.2 trillion. This can also be written as 1,200 billion dollars.
Step 4: Identify the population, which is 300 million people.
Step 5: Convert the GDP into the same unit as the population for easier calculation. Here, we can keep GDP in trillion and population in million.
Step 6: Divide the GDP by the population: 1.2 trillion / 300 million.
Step 7: Perform the division: 1.2 trillion is the same as 1,200 billion, so 1,200 billion / 300 million = 4,000.
Step 8: Conclude that the GDP per capita is $4,000.

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.