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Chapter 19: Problem 33

The Czech Republic has a GDP of 1,800 billion koruny. The exchange rate is 25 koruny/U.S. dollar. The Czech population is 20 million. What is the GDP per capita of the Czech Republic expressed in U.S. dollars?

Short Answer

Expert verified
The GDP per capita of the Czech Republic expressed in U.S. dollars is 3,600 U.S. dollars.

Step by step solution

01

Calculate GDP per Capita in Koruny

To find the GDP per capita in koruny, we'll need to divide the GDP of the Czech Republic by the population: GDP per capita (in koruny) = \( \frac{GDP}{population} \) GDP per capita (in koruny) = \( \frac{1,800,000,000,000}{20,000,000} \) = 90,000 koruny
02

Convert GDP per Capita to U.S. Dollars

Now that we have the GDP per capita in koruny, we'll use the exchange rate to convert it to U.S. dollars: GDP per capita (in US dollars) = \( \frac{GDP \ per \ capita \ (in \ koruny)}{Exchange \ rate} \) GDP per capita (in US dollars) = \( \frac{90,000}{25} \) = 3,600 U.S. dollars So, the GDP per capita of the Czech Republic expressed in U.S. dollars is 3,600 U.S. dollars.

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Most popular questions from this chapter

What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?

Which of the following are included in GDP, and which are not? a. The cost of hospital stays b. The rise in life expectancy over time c. Child care provided by a licensed day care center d. Child care provided by a grandmother e. A used car sale f. A new car sale g. The greater variety of cheese available in supermarkets h. The iron that goes into the steel that goes into a refrigerator bought by a consumer.

Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?

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