Question

20. a. U.S. GDP is approximately $18 trillion and the U.S. population is approximately 320 million. If GDP were divided equally among the US population what would each person get? Even split: $ per person If you and your nine best friends took almost all U.S. GDP for yourself but gave $3,000 per person to everyone else, how much would you get each year, just for yourself? Uneven split: $ for just you. b. More seriously, there are currently about 229,000 U.S. taxpayers who earn more than $1.5 million per year. If you could take their money and divide it up equally among the U.S. population of 320 million other Americans, how much money could you give each person? Note that $1.5 million is the cutoff. On average this group earns about $4.4 million per year, so use that number in your calculations. Redistributed funds: $ per person

Answer 1

a). Amount received by each person=$56,250

b). I would get $1,704,000,006,000

c). Redistributed funds per person=$0.01375

Step-by-step explanation:

a) If GDP divided equally among the population

Amount received by each person=Total GDP/Population

where;

Total GDP=$18 trillion

Population=320 million

replacing;

Amount received by each person=(18×10^12)/(320×10^6)=$56,250

Amount received by each person=$56,250

b). Total GDP=Amount gotten by me and 9 friends+3, 000 per person for everybody else

Myself and 9 friends=10

Total number of everybody else=Total population-10=(320 million-10)=319,999,990

18×10^12=(10×x)+(319,999,990×3,000)

10 x=(18×10^12)-(9.5999994×10^11)

10 x=17.04000006×10^12

x=17.04000006×10^11

I would get $1,704,000,006,000

c). Total amount made by the taxpayers earning over 1.5 million=Amount per person×population

where;

Total amount made by taxpayers=$4.4 million

Population=320 million

Amount per person=x

replacing;

4.4×10^6=x×320×10^6

x=4.4×10^6/320×10^6

x=0.01375

Redistributed funds per person=$0.01375