Question

In 2000, the U.S. had a 1.265 x 10^3 GDP. Canada had a GDP of 1.45 x 10^2. What was the difference between the two GDPs? Explain how you solved the problem.

Answer 1

The difference between the U.S. GDP (1.265 x 10^3) and Canada's GDP (1.45 x 10^2) in 2000 is found by converting U.S. GDP to the same power of ten and then subtracting, resulting in 11.20 x 10^2.

Step-by-step explanation:

The difference between the GDP of the U.S. and Canada in the year 2000 can be calculated by first aligning the powers of ten to be the same in both numbers. The U.S. GDP is given as 1.265 x 103 and Canada's GDP as 1.45 x 102. To compare them, we can express the U.S. GDP in terms of 102 by moving the decimal point one place to the right and decreasing the exponent by one, resulting in: U.S. GDP = 12.65 x 102.

Now we can subtract the two GDP values:

U.S. GDP - Canada GDP = (12.65 x 102) - (1.45 x 102) = 11.20 x 102.

There are other considerations such as converting to a common currency and adjusting for population, but the question only asks for the numerical difference, not the difference in economic welfare or comparison of living standards.