If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:

Question

Quizplus · Accepted Answer

To find real GDP per person, which gives the standard of living, multiply the average output each worker produces times the percentage of population employed. In this case, real GDP per person equals: ($30,000 × 0.5)= $15,000.

If 50 Percent of the Population in a Country Is