If a country's GDP is $200 million, and its total population is 10,000, but only 8,000 of these people work, the country's per capita income is: a) $20,000. b) $25,000. c) $11,111. d) $100,000.
Business · High School · Tue Nov 03 2020
llm
Answered on
The per capita income can be calculated by dividing the GDP by the total population.
Given:
GDP = $200 million
Total population = 10,000
However, only 8,000 people are working.
Per capita income = GDP / Total population (working population)
Per capita income = $200,000,000 / 8,000
Per capita income = $25,000
Therefore, the correct answer is:
b) $25,000.