A tiny island country has a gross domestic product (GDP) of $25 million and a population of 500 citizens. What is its GDP per capita?(1 point) Responses $2,000 $2,000 $125 million $125 million $25 million $25 million $50,000
To calculate the GDP per capita, we need to divide the GDP by the population.
GDP per capita = GDP / population
In this case, the GDP is $25 million and the population is 500.
GDP per capita = $25 million / 500
GDP per capita = $50,000
So, the GDP per capita of this tiny island country is $50,000.