Real GDP in a Small Country Is Worth $40 Billion

question 9

Multiple Choice

Real GDP in a small country is worth $40 billion.The population of the country is 1.666,000.What is the country's approximate per capita Real GDP?

• A) $24,000
• B) $40,000
• C) $60,000
• D) $240,000

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Definitions:

Credit Limitations

Restrictions that cap the amount of credit that can be extended to a borrower by a lender.

Refundable Tax Credit

A tax credit that can reduce the taxpayer's liability to zero, with any remaining amount being paid out as a refund.

Nonrefundable Tax Credit

A tax credit that can reduce the amount of tax owed to zero, but cannot result in a tax refund.

Tax Credit

A tax benefit that directly reduces the amount of tax owed dollar for dollar.