Question

If a country has a population of 1,000, an area of 100 square miles, and a gdp of $5,000,000, then its gdp per capita is:

a. $500.
b. $5.000.
c. $50,000.
d. $5,000,000
e. $50.

Answer 1

The GDP per capita for the country with a population of 1,000 and a GDP of $5,000,000 is $5,000. This is found by dividing the total GDP by the population, which is a common economic measure to assess a country's economic output per person.

Step-by-step explanation:

The GDP per capita of a country is calculated by dividing the country's total Gross Domestic Product (GDP) by its population. For the given country, with a population of 1,000 and a GDP of $5,000,000, the GDP per capita would be obtained by the following calculation:

1. Divide the GDP by the population: $5,000,000 / 1,000.
2. The result is $5,000, which is the GDP per capita.

Therefore, the correct answer is b. $5,000. This is an economic indicator that gives us an average economic output per person and is used to compare the prosperity of different countries or regions. High-income countries typically have a GDP per capita in the range of $20,000 to $50,000, while low-income countries often have less than $2,000.