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Chapter 19: Q. 33 (page 471)

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

$3600/person

Step by step solution

01

Step1. Introduction

GDP per capita income is the ratio of total GDP to the total population. It is on average, how much a person is earning.

Exchange rate is used to convert a domestic currency to US Dollars.

02

Step2. Calculation

GDP of Czech Republic- 1800 Billion koruny

Exchange rate- 25 koruny/ $

GDP in $- 1800 Billion/ 25

= $ 72 Billion

=$ 72000 Million

GDP per capita-

=$72000/20million persons

= $3600/person

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