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

$50,000
$50,000

$2,000

Answer 1

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

In this case:

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

So the correct answer is $50,000.