A tiny island country has a gross domestic product (GDP) of $25 million and a population of 500 citizens. What is its GDP per capita?(1 point)

Question

Responses

$25 million
$25 million

$125 million
$125 million

$2,000
$2,000

$50,000

Answer 1

To calculate the GDP per capita, you can use the formula:

\[ \text{GDP per capita} = \frac{\text{GDP}}{\text{Population}} \]

In this case, the GDP is $25 million (which can also be written as 25,000,000 dollars) and the population is 500 citizens.

Now, we can perform the calculation:

\[ \text{GDP per capita} = \frac{25,000,000}{500} = 50,000 \]

Therefore, the GDP per capita for the tiny island country is $50,000.