Question

In the year 2015:

• real GDP was $19,678 billions
• population was 315.8 million
• the level of employment was 155,737 (measured in thousands).

a. Real GDP per capita was equal to______

Answer 1

The real GDP per capita for the year 2015, with a real GDP of $19,678 billion and a population of 315.8 million, is calculated to be $62,268.45.

Step-by-step explanation:

The calculation of real GDP per capita is achieved by dividing the real GDP of a country by its population. Given the real GDP for the year 2015 was $19,678 billion and the population was 315.8 million, we can compute the real GDP per capita by performing the following calculation:

Real GDP per capita = Real GDP / Population

First, we must ensure that the population is in the same units as the GDP (billions). Since the population is given in millions, we will convert it to billions:

Population in billions = 315.8 million / 1000 = 0.3158 billion

Now we'll divide the real GDP by the population in billions:

Real GDP per capita = $19,678 billion / 0.3158 billion = $62,268.45

Therefore, the real GDP per capita in 2015 was $62,268.45.