Let us use what we have learned in the first part of the chapter to compare living standards in the United States and a hypothetical country, Argonia, in 2008. U.S. real GDP in 2008 was approximately 14 trillion dollars and the U.S. population was approximately 300 million.What was the per capita GDP in the United States in 2008?

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cindy26291 cindy26291

09-03-2020
Business

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Let us use what we have learned in the first part of the chapter to compare living standards in the United States and a hypothetical country, Argonia, in 2008. U.S. real GDP in 2008 was approximately 14 trillion dollars and the U.S. population was approximately 300 million.What was the per capita GDP in the United States in 2008?

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heavenandholiness heavenandholiness · Answer 1 · 2020-03-12T05:49:28+01:00

Answer:

$46,666.67

Explanation:

In 2008. U.S. real GDP in 2008 was approximately 14 trillion dollars and the U.S. population was approximately 300 million.

Hence the per capita GDP in the United States in 2008 is 14 trillion / 300 million = $46,666.67

Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.