Question
GDP per capita is the average wealth per person in a country. To calculate it, you divide the total GDP of a nation by its population. The result is how much wealth each person would get if the wealth were divided evenly.
In reality, wealth isn’t divided evenly; one person might have $1 million, while 100 people have $10,000. Nonetheless, per capita GDP represents the average income or wealth of an individual in a country. This relates to standard of living. Standard of living is the level of wealth, comfort, material goods and necessities available to each person. Generally, the higher the GDP per capita, the higher the standard of living in a country. GDP per capita is closely tied to standard of living because it takes into account a nation’s population. A country can have a large GDP but if it also has a large population, each person has a lower standard of living. Conversely, a country that has a moderate GDP with a smaller population can have a high individual income as shown by the GDP per capita.
What does per capita GDP show?
A
exactly what every person in a country earns in income
B
the average wealth of people in a country
C
the number of people in a country who earn more than $1 million each year
D
if the population of a country is growing or shrinking over time
In reality, wealth isn’t divided evenly; one person might have $1 million, while 100 people have $10,000. Nonetheless, per capita GDP represents the average income or wealth of an individual in a country. This relates to standard of living. Standard of living is the level of wealth, comfort, material goods and necessities available to each person. Generally, the higher the GDP per capita, the higher the standard of living in a country. GDP per capita is closely tied to standard of living because it takes into account a nation’s population. A country can have a large GDP but if it also has a large population, each person has a lower standard of living. Conversely, a country that has a moderate GDP with a smaller population can have a high individual income as shown by the GDP per capita.
What does per capita GDP show?
A
exactly what every person in a country earns in income
B
the average wealth of people in a country
C
the number of people in a country who earn more than $1 million each year
D
if the population of a country is growing or shrinking over time
Answers
GPT-4o mini
B. the average wealth of people in a country
Per capita GDP indicates the average amount of wealth or income per person in a country, calculated by dividing the total GDP by the population.
Per capita GDP indicates the average amount of wealth or income per person in a country, calculated by dividing the total GDP by the population.