Question

In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. although workers prefer full-time jobs, all industries have a combination of full-time and part- time (underemployed) workers.

in 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. in the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and 400,000 people were unemployed. furthermore 300,000 individuals stated that they were discouraged from searching for a job.

What was the real GDP per capita in 2010 ?

Answer 1

The real GDP per capita in the year 2010 is calculated by dividing the total real output of the economy, which is $350 billion, by the population, which is 14 million. The resulting real GDP per capita is $25,000.

Step-by-step explanation:

To calculate the real GDP per capita for the year 2010, we need to divide the total real output (real GDP) by the total population. The real output for the year is given as $350 billion, and the total population is 14 million.

Using the formula:

Real GDP per capita = Real GDP / Total Population

Real GDP per capita = $350 billion / 14 million

First, convert 14 million to a number without units for calculation: 14 million = 14,000,000.

Now, perform the division:

Real GDP per capita = $350,000,000,000 / 14,000,000

Real GDP per capita = $25,000

This means that, in 2010, the real GDP per capita in the macroeconomy was $25,000.

To calculate the real GDP per capita for 2010, divide the total real output of $350 billion by the total population of 14 million, yielding a real GDP per capita of $25,000.