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In 2016 the country of Vertigo had a real GDP of $300 billion and a population of 15 million
In 2016 the country of Vertigo had a real GDP of $300 billion and a population of 15 million. In 2017, real GDP rose by 4% while its population grew by 2%.
What are the values of GDP per capita in 2016 and 2017? Round your answers below to the nearest dollar.
The value of GDP per capita in 2016 is $1 and in 2017 is $
Expert Solution
Computation of GDP per Capita in 2016 and 2017:
GDP per Capita = Real GDP / Population
So ,
2016 GDP per Capita = 300 billion / 15 million = $20,000
For 2017 ,
It is given that the GDP rose by 4%
So, New Real GDP = 300 billion * 1.04 = 312 billion
And, Population rose by 2%
New Population = 15 million * 1.02 = 15.30 million
So,
2017's GDP per Capita = 312 billion / 15.30 million = $20,392
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