A country’s GDP is $500 billion and its population is 10 million. What is the GD

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Question: A country’s GDP is $500 billion and its population is 10 million. What is the GDP per capita?

Options:

Correct Answer: $5,000

Solution:

GDP per capita = GDP / Population = 500 billion / 10 million = $50,000.

A country’s GDP is $500 billion and its population is 10 million. What is the GDP per capita?

A country’s GDP is $500 billion and its 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 for easier calculation. $500 billion is equal to 500,000 million.
Step 4: Use the formula for GDP per capita, which is GDP divided by population.
Step 5: Calculate GDP per capita: 500,000 million divided by 10 million.
Step 6: Perform the division: 500,000 / 10 = 50,000.
Step 7: Conclude that the GDP per capita is $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.