Answer:
C. 226,416
Explanation:
Firstly, we find the GDP per person for 2011.
Next, we calculate the 5% GDP per person increase in 2012
Finally, we calculate for GDP in 2012 using available data gotten
So,
Given that
In 2011,
Real GDP = 210,500
Population = 8200
GDP per person for 2011 = 210,500 ÷ 8200
= 25.67 approximately.
In 2012, there was a 5% growth in GDP per person, therefore,
GDP person 5% increase in 2012 = (5÷100) × 25.6707317073
= 0.05 × 25.6707317073
= 1.2835365854
2012 GDP per person = 25.6707317073 + 1.2835
= 26.9542682927
Or
5% increase of 25.6707317073 = 25.6707317073 × 1.05 = 26.9542682927
So, to get the GDP in 2012,
GDP = GDP per person × population
Where GDP per person = 26.9542682927
Population = 8400
Thus,
Real GDP = 26.9542682927 × 8400
= 226,415.8
Approximately = 226,416 to the nearest dollar.
