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.

Question

Quizplus · Accepted Answer

Per capita real GDP can be calculated by dividing the real GDP by the population. So, in 1997, per capita real GDP was $7,269 billion / 268 million = $27,098.51, and in 1998, it was $7,552 billion / 270 million = $27,970.37. Therefore, per capita real GDP increased from 1997 to 1998.

Assume the Real U