Question

In 2010, U.S. gross domestic product (GDP) was roughly $14.6 trillion. Given that the U.S. population was roughly 308 million people, per capita GDP in the United States in 2010 was roughly:_______.a) $4,760 b) $47,403 c) $0.22. d) $475,990 e) $22,000

Answer 1

Answer:

B) $47,403

Explanation:

GDP per capita = total GDP / total population

GDP per capita in 2010 = $14,600,000,000,000 / 308,000,000 people = $47,402.60

This is the GDP per capita in nominal or current dollars, not the real GDP per capita which is calculated using base dollars. The GDP per capita is useful to compare how different economies are performing, but it is not a good indicator of individual wealth within a country.