Question

The GDP, or Gross Domesticate Product is a measure of the total economic output of a nation. The GDP per capita is the ratio of the GDP of a nation to its population size and is a measure of standard of living of the nation's citizens. The GDP for the United States of America is about $20.54 x 1012 and its population is about 3.282 x 10% Calculate the GDP per capita, and express your answer in scientific notation Round to three decimal places.

A. 6.258 x 1019
B. 6.741 x 1020
C. 1.598 x 10-4
D. 6.258 x 10

Answer 1

The correct answer is option D, which correlates to $62,580 when expressed in standard form.

Step-by-step explanation:

To calculate the GDP per capita for the United States, we would divide the total Gross Domestic Product (GDP) by the country's population. Given that the U.S. GDP is approximately $20.54 × 1012 and its population is about 3.282 × 108, we perform the following calculation to arrive at the GDP per capita:

GDP per capita = (GDP) / (Population)

Insert the given values:

GDP per capita = ($20.54 × 1012) / (3.282 × 108)

Now, calculate the quotient:

GDP per capita = (20.54 × 104) / (3.282)

GDP per capita ≈ 6.258 × 104

This result can also be expressed in scientific notation as:

GDP per capita = 6.258 × 104 dollars