HomeQuestionsEconomicsCalculating Real GDP per Capita
📚 Learning Guide
Calculating Real GDP per Capita
medium

If a country has a Gross Domestic Product (GDP) of $1 trillion and a population of 50 million, what is its Real GDP per capita?

Master this concept with our detailed explanation and step-by-step learning approach

Learning Path
Learning Path

Question & Answer
1
Understand Question
2
Review Options
3
Learn Explanation
4
Explore Topic

Choose the Best Answer

A

$20,000

B

$40,000

C

$50,000

D

$60,000

Understanding the Answer

Let's break down why this is correct

Answer

To find the Real GDP per capita, you need to divide the country's total GDP by its population. In this case, the GDP is $1 trillion, which is the total value of all goods and services produced in the country. You take this $1 trillion and divide it by the population of 50 million people. So, when you do the math, $1 trillion divided by 50 million equals $20,000. This means that, on average, each person in the country contributes to a Real GDP of $20,000.

Detailed Explanation

To find Real GDP per capita, divide the total GDP by the population. Other options are incorrect because This answer might come from dividing incorrectly; This option may seem right if you think the numbers are larger than they are.

Key Concepts

Gross Domestic Product (GDP)
Economic Policy.
Topic

Calculating Real GDP per Capita

Difficulty

medium level question

Cognitive Level

understand

Ready to Master More Topics?

Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.

Start Learning with SeekhExplore More Calculating Real GDP per Capita Questions