If the real GDP of a country in 2011 was 300 billion,its price index was 108.3,and its population was 150 billion,then real GDP per capita for that year was:
A)0.5 billion.
B)1 billion.
C)8.3 billion.
D)258.3 billion.
E)2 billion.

Question

If the real GDP of a country in 2011 was 300 billion,its price index was 108.3,and its population was 150 billion,then real GDP per capita for that year was:​
A)0.5 billion.
B)1 billion.
C)8.3 billion.
D)258.3 billion.
E)2 billion.

Quizplus · Accepted Answer

Real GDP per capita = Real GDP / Population
Real GDP = 300 billion
Population = 150 billion
Price Index = 108.3
Therefore, nominal GDP = Real GDP * Price Index/100 = 300 * 108.3/100 = 324.9 billion
Real GDP per capita = 300/150 = 2 billion

If the Real GDP of a Country in 2011 Was