Assume the real U.S.GDP in 1997 was $7,269 billion and the U.S.population was 268 million,and the real U.S.GDP in 1998 was $7,552 billion and the U.S.population was 270 million.From 1997 to 1998,the per capita real GDP
A)Remained unchanged.
B)Decreased.
C)Increased.
D)Cannot be determined from the information given.

Question

Quizplus · Accepted Answer

Per capita real GDP is calculated by dividing the real GDP by the population.

In 1997:

Per capita real GDP = $7,269 billion / 268 million = $27,120.52

In 1998:

Per capita real GDP = $7,552 billion / 270 million = $27,970.37

Therefore, per capita real GDP increased from 1997 to 1998.

Hence, the correct choice is C.

Assume the Real U