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Chapter 6: Q. 31 (page 161)

Ethiopia has a GDP of \(8 billion (measured in U.S.

dollars) and a population of 55 million. Costa Rica has a GDP of \)9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.

Short Answer

Expert verified

The per capita GDP of Ethiopia and Costa Rica is $145.45 and $2,250.

GDP per capita in Costa Rica is higher.

Step by step solution

01

GDP per capita

The GDP per capita of a nation is calculated by the ration of GDP and the total population.

02

Calculation

GDP per capita in Ethiopia = $8 billion/55 million

GDP per capita in Ethiopia = $145.45

GDP per capita in Costa Rica = $9 billion/4 million

GDP per capita in Costa Rica = $2,250.00

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Which of the following are included in GDP, and which are not?

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