The population of Omega totals one million people,of whom 30% are employed.Average output per worker in Omega is $30,000.Real GDP per person in Omega totals

Question

Quizplus · Accepted Answer

Real GDP per person is calculated by multiplying the percentage of employed people by the average output per worker. In Omega, 30% of 1 million people are employed, which is 300,000 people. The average output per worker is $30,000. Therefore, the total GDP is 300,000 * $30,000 = $9 billion. To find GDP per person, divide $9 billion by 1 million people, which equals $9,000.

The Population of Omega Totals One Million People,of Whom 30