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

$50,000
$50,000

$125 million
$125 million

$2,000

Answer 1

To calculate the GDP per capita, you divide the total GDP by the population.

Given:

• GDP = $25 million
• Population = 500 citizens

GDP per capita = GDP / Population GDP per capita = $25,000,000 / 500 = $50,000

Therefore, the GDP per capita is $50,000.