If the Real GDP of a Country in 2017 Was

question 91

Multiple Choice

If the real GDP of a country in 2017 was $300 billion, its price index was 108.3, and its population was 150 billion, then real GDP per capita for that year was _____

• A) $0.5 billion
• B) $1 billion
• C) $8.3 billion
• D) $258.3 billion
• E) $2 billion

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Definitions:

Midpoint Formula

A mathematical formula used to calculate the average or midpoint between two values on a line segment.

Total Revenue

The total receipts from sales of goods and services to customers; it is the unit price times the quantity of goods or services sold.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.

Price Elasticity

A metric evaluating the sensitivity of the amount of a good purchased to price fluctuations.