In Econland, 500,000 of the 2 million people in the country are employed. Average labor productivity in Econland is $15,000 per worker. Real GDP per person in Econland totals:

Question

Quizplus · Accepted Answer

To find real GDP per person for Econland, multiply the average amount of output each worker produces times the percentage of population employed. In this case, real GDP per person is: ($15,000)× (500,000/2,000,000)= $3,750.

In Econland, 500,000 of the 2 Million People in the Country